Former stablecoin lead at Solana Foundation, Anna Yuan, has embarked on an entrepreneurial journey by founding Perena, a startup aimed at enhancing the trading infrastructure for stablecoins. Recently, Perena secured approximately $3 million in a pre-seed funding round, led by Borderless Capital, as confirmed by Yuan in a prior interview.
Perena is not just another stablecoin contender; instead, it aspires to develop blockchain systems that provide strong trading liquidity to new stablecoin entrants, fostering growth in the sector.
The unique aspect of stablecoins lies in their backing. Despite variations in their mechanisms, most stablecoins derive their value primarily from one source: the U.S. dollar.
Yuan commented, "If PayPal, Robinhood, and 20 other companies want to launch stablecoins on Solana, they'll struggle to gain traction, making those stablecoins as usable as their fiat equivalents."
"We aim to be the foundational layer – the neutral player for stablecoin issuers."
The initiative is founded on the belief that stablecoins will continue to become more significant, not just as speculative tools for trading cryptocurrencies but as viable stores of value and mediums of exchange.
Yuan expressed optimism that the swift and cost-effective capabilities of Solana could encourage more individuals to transition their finances onto the blockchain through stablecoins. In fact, many crypto jobs now compensate employees with stablecoins, introducing them to the on-chain economy.
Perena aims to facilitate exchanges by establishing swap pools enabling traders to easily switch between up to seven different stablecoins. Additionally, stablecoin holders will have the opportunity to earn extra yields by lending their assets into these pools, based on their risk preferences.
Furthermore, Perena intends to innovate by developing a type of collateralized debt position (CDP) stablecoin, backed by other stablecoins, akin to what MakerDAO executes with DAI. Though the specifics of this design are still under consideration, Yuan is hopeful that the integration of a CDP with a stablecoin-swapping mechanism will yield fruitful synergies.
