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 advised CoinDesk in an interview final month.
Perena is not solely centered on launching one other stablecoin. As a substitute, it is creating on-chain programs 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 actual backing recipes could barely differ, most each stablecoin will get its worth from primarily the identical supply: the U.S. greenback, the globally-recognized reserve forex. When dozens of fintech corporations all have, primarily, their very own digital model of the greenback, how will customers, companies, merchants – anybody – transfer seamlessly between them?
“If PayPal, Robinhood and 20 different corporations need to launch stablecoins on Solana, they will have a extremely onerous time getting any adoption, and people stablecoins are going to be any extra usable than their fiat counterparts,” she mentioned.
“We need to be the foundational layer – the impartial social gathering that helps stablecoin issuers.”
The entire undertaking is a wager that stablecoins will proceed to develop in prominence – not solely as a essential asset for merchants speculating on cryptos, however as a retailer of worth and medium of trade, 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 through stablecoins. It helps that so many crypto jobs are paying workers 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 suits into this puzzle as a spot of trade. It’s organising swap swimming pools that permit merchants of as much as seven totally different stablecoins to readily swap between property – very similar to Curve’s 3pool does on Ethereum. Yuan mentioned stablecoin holders will be capable of earn further yield by lending their property into the pool, incomes extra primarily based on their danger tolerance.
Alongside the pool infrastructure, Perena plans to construct a type of “artificial cash” that in response to Yuan shall 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 similar to 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.”
