> ## Documentation Index
> Fetch the complete documentation index at: https://docs.usdh.money/llms.txt
> Use this file to discover all available pages before exploring further.

# USDh

> The plain dollar: what backs it, what it pays, and what the contract can do.

**USDh is a digital dollar backed by loans to the US government.** It is built to stay at one US dollar, and you can swap out of it at any time. Holding it pays no interest.

## At a glance

| | |
| - | - |
| Value | Targets one US dollar. This is not guaranteed at every moment |
| Interest | None paid to holders |
| What backs it | Cash in US dollars, US Treasury bills, and stablecoins backed by Treasury bills. See [Reserves](https://docs.usdh.money/reserves.md) |
| How you get it | Swap for it in the app. See [Get USDh](https://docs.usdh.money/getting-started.md) |
| How you leave | Swap it back or send it, at any time |
| Issuer | Hamilton Digital Assets Limited, British Virgin Islands |
| Network | Ethereum |
| Contract | `0xbcFC42391e55484129191eDfcC766a2c6F9eb503` |

## Hamilton Prizes

Holding USDh doesn't earn interest. Instead, the interest the US government pays on the reserves will fund **Hamilton Prizes**. Every so often, a few people who have held USDh for a while will each receive a prize. Not every holder will.

Prizes haven't started yet. Before the first one, this page will set out the rules: who qualifies, how often prizes are given, and how people are chosen.

## Where USDh comes from

New USDh is only created when a dollar comes in, and it is destroyed when the dollar goes back out. Supply started at zero, so it can only grow as fast as the money behind it. Businesses signed up with the issuer create and redeem USDh directly. Everyone else swaps for it and swaps out.

## What the contract can and can't do

| The contract can | The contract can't |
| - | - |
| Freeze a single address to comply with sanctions | Take, move or claw back your USDh. A frozen address keeps its balance |
| Pause all transfers in an emergency | Change its code without 48 hours' public notice |
| Have its code upgraded, after 48 hours' public notice | Change the address you hold. It stays the same |

[Verify on-chain](https://docs.usdh.money/check.md) shows how to see all of this for yourself.

> [!WARNING]
>
> USDh is not a bank deposit and is not insured. Its price can slip below one dollar in stressed markets. See [Risks](https://docs.usdh.money/risks.md).

*Last updated: Nov 10, 2026*


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