Binance Labs Leads Perena’s $3 Million Pre-Seed Funding Round
Perena, a startup focused on addressing challenges in the stablecoin industry, has completed its pre-seed funding round led by Borderless Capital. The funding attracted institutional investors such as Binance Labs, MitonC Fund, Maelstrom Fund, Breed VC, and ABCDE Labs.
Anna Yuan, previously the stablecoin lead at the Solana Foundation, now heads Perena and announced that approximately $3 million was raised to build infrastructure for mainstream stablecoin adoption. The company is hiring engineers to develop stablecoin infrastructure on the Solana blockchain.
7/ Interested in contributing to the future of money? We're actively hiring engineers and educators to join our team across the globe.https://t.co/8JfIIPDcS8
— Perena (@Perena__) December 11, 2024
Max Coniglio, Investment Director at Binance Labs, emphasized ongoing support for early-stage Web3 projects, highlighting their investment in Perena's mission to expand stablecoin adoption on Solana.
“Binance Labs remains committed to providing evergreen support for early-stage projects that are driving the growth of the Web3 ecosystem. We are excited to back Perena at the very early stages of their journey and assist them in their mission to onboard the next wave of stablecoin users on Solana,” noted Coniglio.
Perena Protocol and the Stablecoins Industry
Perena aims to facilitate mainstream stablecoin adoption without launching a new product. Its primary goal is to create foundational infrastructure that unifies liquidity in the stablecoin sector.
The company has introduced its first product, Numéraire, a multi-swap stableswap integrated with leading stablecoins including Tether USDT, Circle's USDC, PayPal's PYUSD, USDS, cfUSD, sUSD, and USDY. Numéraire enhances capital efficiency through bounced liquidity and smart swap routing to mitigate MEV attacks, leveraging the Solana network for high-speed, cost-efficient transactions.
Additionally, Perena is developing a Collateralized Debt Position (CDP) system that enables users to leverage their stableswap liquidity pool tokens, Solana’s LSTs, and SOL’s BTC assets.
Bigger Market Picture
As digital assets and web3 protocols gain traction, Perena anticipates continued stablecoin adoption. Recent market data indicates the stablecoin sector has reached a valuation of $204 billion, with a daily average traded volume of about $174 billion, primarily driven by USDT and USDC.
The Trump administration's support for private stablecoins over Central Bank Digital Currency (CBDC) suggests the stablecoin market could exceed a $1 trillion valuation in the coming years. Moreover, many stablecoins serve as exit liquidity for altcoins and are utilized for web3 payrolls.