# Inside Hermetica's hBTC — with Jakob Schillinger

Page: https://stenobird.com/podcast/good-for-bitcoin-7094119/inside-hermetica-s-hbtc-with-jakob-schillinger
Text version: https://stenobird.com/podcast/good-for-bitcoin-7094119/inside-hermetica-s-hbtc-with-jakob-schillinger.md
Podcast: [Good for Bitcoin](https://stenobird.com/podcast/good-for-bitcoin-7094119)
Published: 2026-05-27T14:15:00+00:00
Episode link: https://api.riverside.com/hosting-analytics/media/886670ea4034a3d1dd8703af125f5fdc9ae1d29f3f73b901760eb41e01406732/eyJlcGlzb2RlSWQiOiIzMTkyYWUxNy1iNjBmLTQ4NTktYjI3YS1mYjhkMjAzN2FmZWUiLCJwb2RjYXN0SWQiOiI4ODVmNjFiYS05NGQ4LTRlMDUtOTk4MS1mYzc4YjUwNmYwZWYiLCJhY2NvdW50SWQiOiI2OGRiZjAxYzI4Y2E3NjNlY2MyZjIzNDQiLCJwYXRoIjoibWVkaWEvY2xpcHMvNmExNjEyYzg2MjUzNWIyZGIzYzc3NmY3L2dvb2QtZm9yLWJ0Yy1jb21wb3Nlci0yMDI2LTUtMjZfXzIzLTM4LTE2Lm1wMyJ9.mp3
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JSON: https://stenobird.com/v1/public/podcasts/good-for-bitcoin-7094119/episodes/inside-hermetica-s-hbtc-with-jakob-schillinger
Duration seconds: 2195

## Resource

Brandon sits down with Jakob Schillinger, founder and CEO of Hermetica , on the day they raise the hBTC cap from 50 to 75 BTC — and unpack how Michael Saylor's STRC quietly became a yield engine for Bitcoin-backed dollars. In this episode of Good For Bitcoin, Brandon and Jakob discuss: Jakob's origin: from running an eyeglasses business in sub-Saharan Africa to building on Bitcoin in 2016 — and why most of the world doesn't have reliable money or property rights to it. USDh, plainly: a synthetic dollar backed by spot Bitcoin paired with a 1x futures short. ~10% historical yield, sourced from funding rates on Bybit, OKX, Bitget, and Binance via Copper and Sefu custody. The new integration: Strategy's STRC preferred equity now flows into USDh as a second yield source alongside the basis trade. Saylor's "financial distillation" framing: 50-vol Bitcoin → 2-vol STRC → 0-vol stablecoin — productized as USDh. hBTC, the Bitcoin carry trade: post BTC as collateral on Zest, borrow stables at ~3-5%, deploy into USDh at 8-10%, harvest the delta, swap back into Bitcoin. ~3% net yield in pure BTC terms, on-chain verifiable. Why a long-only Bitcoiner might pick hBTC over a stablecoin yield: cold storage stays cold storage; the unit of account never leaves Bitcoin. The property analogy: Saylor's optionality to sell some BTC isn't a thesis change — it's the same logic as selling a 10x'd house to buy more property. Strategy stays a net buyer. Saylor cosigned hBTC on stage at Bitcoin Vegas — unplanned. "X doing its magic," per Jakob. 📈 The news: Hermetica just raised the hBTC cap from 50 → 75 BTC. The last cap filled in under 24 hours. Borrow-side capacity is the only constraint on opening it wider. Guest: Jakob Schillinger — Founder & CEO, Hermetica — @jakob_btc Hermetica — @Hermeti…

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## Transcript

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