Perena, led by former Solana Foundation stablecoin lead Anna Yuan, has raised $3 million in a pre-seed round to build foundational infrastructure for mainstream stablecoin adoption, with backing from major institutional investors including Binance Labs.
Perena, a startup building the foundational infrastructure to solve critical challenges in the stablecoin industry, has closed its pre-seed funding round led by Borderless Capital. According to Coindesk, Perena attracted more institutional investors including Binance Labs, MitonC Fund, Maelstrom Fund, Breed VC, and ABCDE Labs, among others.
Anna Yuan, former stablecoin lead on the Solana Foundation who is now leading Perena, announced that the company had “raised around $3 million” in a pre-seed funding round led by Borderless Capital. The company intends to use the funds to further build the foundations for enabling the mainstream adoption of stablecoins.
As a result, Perena is seeking to make strategic hirings in the engineering sector to build the 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, expressed the company’s ongoing support for early-stage Web3 projects, highlighting their investment in Perena and its 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,” Coniglio noted.
Perena Protocol and the Stablecoins Industry
Perena intends to enable the mainstream adoption of stablecoins without necessarily launching a new similar product in the market. According to Perena, the main goal for the platform is to build a foundational infrastructure that brings the stablecoins industry together through unified liquidity.
Additionally, has launched its first product dubbed Numéraire, a multi-swap stableswap, which has already integrated with top-tier stablecoins. Some of the key integrations with Perena include Tether USDT, Circle’s USDC, PayPal’s PYUSD, USDS, cfUSD, sUSD, and USDY.
The Numéraire stableswap maximizes capital efficiency via bounced liquidity and smart swap routing to protect users from MEV attacks. Through leveraging the Solana network, the Perena platform guarantees users a high-speed transaction that is cost-efficient.
Meanwhile, Perena has been building its infrastructure with a Collateralized Debt Position (CDP) system that allows users to leverage their stableswap liquidity pool tokens, Solana’s LSTs, and SOL’s BTC assets.
Bigger Market Picture
Amid the mainstream adoption of digital assets and web3 protocols, Perena is betting on the continued adoption of stablecoins. According to the latest market data, the stablecoins industry has grown to a $204 billion industry and a daily average traded volume of about $174 billion, led by USDT and USDC.
With the Trump administration seeking to support private stablecoins in favor of a Central Bank Digital Currency (CBDC), the stablecoins industry is expected to surpass a $1 trillion valuation in the coming few years.
Furthermore, most stablecoins are the exit liquidity for most altcoins and are used to facilitate web3 payrolls.
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