Perena Launches Stablecoin Infrastructure Protocol for Solana Ecosystem
This segment discusses a new project within the Solana ecosystem: Perena, a stablecoin infrastructure protocol.
Overview of Perena
Perena aims to address liquidity fragmentation as stablecoins become more prevalent. It provides a Solana-based stablecoin liquidity pool and plans to introduce an asset-backed stablecoin in the future.
Founder Background
Anna Yuan, the founder, previously led the stablecoin initiative at the Solana Foundation. She observed that many new stablecoin issuers lacked sufficient integrations, limiting real-world utility for users. For instance, Ondo’s tokenized US Treasury stablecoin has over $100 million in supply but only 3,500 holders, according to SolScan.
Market Fit Discussion
When asked about stablecoins achieving product-market fit, Yuan disagreed, stating that liquidity is essential. She believes that real-world needs, such as money transfers in emerging markets, will drive stablecoins towards greater utility.
Platform Features
Perena is in closed beta, with its primary feature being a multi-stablecoin liquidity pool. This pool uses a liquidity provider token called USD*, representing a seed pool containing Tether, Circle, and PayPal USD. This model facilitates easier issuance of stablecoins by allowing smaller coins to access liquidity from established sources.
Funding and Support
The project has secured initial funding through undisclosed seed funds, leveraging Yuan's connections in the Solana ecosystem. Notable backers include Solana co-founders Anatoly Yakovenko and Raj Gokal.
Market Growth Potential
Yuan highlighted that Solana currently holds just 2% of the total stablecoin market capitalization, according to DeFiLlama. She mentioned that Solana PayFi could increase the number of people receiving salaries in stablecoins, which is currently around 2,000 individuals.