Solana Basis’s former stablecoin lead Anna Yuan has left the mothership to construct her personal startup catering to the fast-growing crypto subsector.
The corporate constructing Perena, a stablecoin buying and selling infrastructure undertaking, raised “round $3 million” in a pre-seed funding spherical led by Borderless Capital, Yuan instructed CoinDesk in an interview final month.
Perena is not solely targeted on launching one other stablecoin. As an alternative, it is creating on-chain techniques that permit the seemingly limitless droves of different stablecoin newcomers to have good buying and selling liquidity, even in nascency.
That is the humorous factor about stablecoins. Whereas their precise backing recipes might barely differ, most each stablecoin will get its worth from basically the identical supply: the U.S. greenback, the globally-recognized reserve foreign money. When dozens of fintech firms all have, basically, their very own digital model of the greenback, how will shoppers, companies, merchants – anybody – transfer seamlessly between them?
“If PayPal, Robinhood and 20 different firms wish to launch stablecoins on Solana, they’ll have a extremely exhausting time getting any adoption, and people stablecoins are going to be any extra usable than their fiat counterparts,” she mentioned.
“We wish to be the foundational layer – the impartial get together that helps stablecoin issuers.”
The entire undertaking is a guess that stablecoins will proceed to develop in prominence – not solely as a important asset for merchants speculating on cryptos, however as a retailer of worth and medium of change, or, in different phrases, as cash.
Yuan thinks that Solana’s quick speeds and low cost charges generally is a catalyst for but extra individuals to experiment with bringing extra of their cash on-chain by way of stablecoins. It helps that so many crypto jobs are paying employees with stablecoins. Payroll introduces individuals to the on-chain financial system, and so they aren’t at all times so desperate to offboard completely.
Perena matches into this puzzle as a spot of change. It’s establishing swap swimming pools that permit merchants of as much as seven completely different stablecoins to readily swap between property – very like Curve’s 3pool does on Ethereum. Yuan mentioned stablecoin holders will be capable to earn additional yield by lending their property into the pool, incomes extra based mostly on their threat tolerance.
Alongside the pool infrastructure, Perena plans to construct a type of “artificial cash” that in line with Yuan might be extra resilient than the fiat currencies most individuals maintain of their conventional financial institution accounts.
This may take the type of a “collateralized debt place” (CDP) stablecoin backed by different stablecoins – very like MakerDAO (now Sky) did with DAI. Perena hasn’t finalized its design simply but however Yuan is hopeful that constructing a CDP subsequent to a stableswap will create extra “synergies.”
