Hemi and Bima Team Up to Advance BTCFi with Bitcoin-Backed Stablecoin

TL;DR:

Hemi is working with Bima to add USBD, a stablecoin backed by Bitcoin. Users can create USBD by depositing Bitcoin or Bitcoin tokens. The stablecoin can be used for trading, staking, and lending on Hemi's platform. This lets Bitcoin holders get USD while keeping their Bitcoin position.

Hemi has announced a collaboration with Bima to integrate USBD, a Bitcoin-backed stablecoin that, as Bima notes, Bitcoin before the dollar.

USBD brings Bitcoin-backed liquidity to Hemi's ecosystem. Users can mint USBD by depositing BTC, HBTC, or other Bitcoin LSTs available on Hemi. The stablecoin is over-collateralized, providing a safe foundation for DeFi activities.

The integration enables USBD holders to access multiple yield opportunities through Hemi's ecosystem, including trading on perpetual DEXes, staking, and lending. A specialized Hemi vault, managed by a leading vault provider, will optimize USBD yields across the ecosystem.

This solution addresses a critical need in BTCFi - giving Bitcoin holders access to USD liquidity without sacrificing their BTC exposure.