Bitcoin-backed stablecoin developer Hermetica completed a $1.70 million funding round led by UTXO Management, with participation from CMS Holdings, Ethos Fund, Trust Machines SPV, Newman Capital, Silvermine and numerous angel investors. Hermetica has developed profitable synthetic dollar USDh to be issued on the Bitcoin network. The company intends to use the funding to support the USDh ecosystem, such as through custody partnerships and enhanced liquidity. Hermetica plans to use the funding to expand to other Bitcoin L2, such as Arch Network and Bitlayer, in the coming months.