‍Stablecoins bridge the gap between the volatile world of cryptocurrency and the trust of traditional finance institutions. But what if the tools behind stablecoins are outdated and a major friction point for newcomers? Launching stablecoins remains a complex challenge.

‍

Enter Perena, a Solana-native startup that is reimagining how stablecoins are managed.

‍

What is Perena?

‍

Perena is a crypto startup building tools to simplify and accelerate stablecoin adoption. Numéraire, their flagship product, is aimed at solving the problems of fragmented liquidity and capital inefficiencies of launching a new stablecoin.

‍

In a growing trend, Perena was founded by a team of builders who spent years in the trenches working with the Solana Foundation and Jump Crypto to supercharge the ecosystem. During this time they identified a solvable problem in a sector of the blockchain industry that drives new user adoption, thus Perena was born.

‍

Stablecoin adoption is a major focus (and pain point) for traditional finance brands, this friction inspired the creation of Perena. A recent pre-seed investment round led by Borderless validated their theory.

‍

Perena is positioning itself as the foundational layer for issuing stablecoins, specifically for traditional blue chip companies who are looking to cryptocurrency as the next evolution of finance.

‍

• Stablecoins are currently a $170B+ industry.

• The $3M raise was backed by crypto juggernauts like Binance Labs, Primitive Ventures, SevenX Ventures and Maelstrom

• Anna Yuan, founder, is the former head of stablecoins at Solana Foundation

• Perena is built on Solana and capitalizes on the high throughput features of the blockchain

‍

‍

What problems does Perena solve?

‍

Perena and their stablecoin infrastructure tooling called Numéraire solve the problem of liquidity fragmentation and capital efficiencies. Their unique technology lowers trading fees, increases yields on investments for liquidity providers and streamlines the process for new stablecoin issuers.

‍

Perena's goal is to become a single point of entry for projects looking to integrate stablecoins into their products.

‍

High Initial Capital Requirements

‍

• Issuing a new stablecoin requires a tremendous amount of operating capital to fund liquidity pools and fuel token distributions.

• Perena's solution lowers the barrier of entry for newcomers.

‍

Liquidity Fragmentation & Capital Inefficiencies

‍

• It takes a large portion of operating capital to fund liquidity pools when issuing a new stablecoin. Traditionally this was handled by AMMs (Automated Market Makers) who required a large allocation of the total token supply to operate the pool.

• Tokens held by AMMs are 'locked up' and not actively flowing through the markets. Perena solves this condition and encourages a healthier circulating supply. This is particularly problematic during the initial stages of a token launch when a substantial percentage of the supply is sidelined.

‍

Our first product, Numéraire, is a novel automated market maker (AMM) that enables seamless creation and swapping of stablecoins, while optimizing liquidity and efficiency across markets.

Its design delivers better execution for traders and enhanced yields for liquidity providers. For stablecoin issuers, it provides dense concentrated liquidity across all supported stablecoins with a single pool creation.

Perena Product Docs

‍

‍

What is Numéraire and USD*?

‍

Numéraire is Perena's version of an AMM (Automated Market Maker) that streamlines the process of creating and swapping stablecoins. Self described as a "multi-asset stablecoin pool". Numéraire utilizes a hub-and-spoke model that isolates risks and optimizes swaps by pairing established stablecoins with emerging ones.

‍

This makes issuing of new stablecoin easier than ever along with increased returns for liquidity providers.

‍

USD* (pronounced USD Star) was created by Perena and sits at the center of Numéraire. It acts as the "hub asset" with supported stablecoins functioning as the "spoke assets".

‍

Swaps route through USD* in two hops: first into USD*, then out of it. This mechanism protects the Seed Pool from risks of stablecoins outside it and maximizes the entire TVL utilization of Numéraire - minters of USD* capture both the Seed Pool yield and then can deposit into Growth Pools for additional yield.

Perena Product Docs

‍

Numéraire is #OnlyPossibleOnSolana and powered by IBTs (Interest Bearing Tokens), one of Solana's Token22 extensions. IBTs enable tokens to accrue interest in real time based on Solana's network timestamps. Interest is reflected in trading platforms UI however the amount of tokens onchain remains the same (and avoids diluting the token supply).

‍

‍

‍

What is a stablecoin?

‍

A stablecoin is a popular type of cryptocurrency that are designed to maintain a stable price over time. Stablecoin token value is guaranteed by a reserve of traditional currencies like the U.S. dollar, Euro and precious metals like gold in some cases.

‍

Stablecoins are "pegged" to the reserves and typically have a 1:1 value, most commonly this means that one token equals one dollar (or equivalent).

‍

USDT is the most widely used stablecoin and is held in more than 100 million active onchain crypto wallets. By the end of Q3 2024, there were four times the amount of USDT wallets than all other stablecoins combined. As of December 2024, the total stablecoin supply is worth over $150 billion USD.

‍

Interest in stablecoins has risen steadily over the last several years and is oftentimes one of the first crypto interactions that a new user experiences.

‍

• Price Stability: Stablecoins avoid the price volatility that crypto is known for. Because they are pegged to the value of traditional currencies you will always be able redeem for the same dollar amount they were acquired for.

• Security: Risk of stablecoin providers or platforms closing shop and running off with customer funds is very low.

• Regulation: Stablecoins are typically created and maintained by regulated businesses who have strict financial reporting responsibilities.

‍

The growth of USDT wallets has been extraordinary, increasing 71% in the past year and 129% the year before, driven primarily by wallets holding less than $1,000.

This surge accelerated after the collapse of FTX, when users chose to self-custody their USDT rather than keep it on centralized platforms. USDT’s momentum continued even after competitors like USDC and DAI de-pegged during the Silicon Valley Bank collapse, reinforcing its position as the stablecoin of choice for users worldwide.

tether.io

‍

‍

What are the most popular stablecoins?

‍

USDT (Tether)

‍

• As discussed above, USDT is one of the most well known and widely used stablecoins. USDT was created a decade ago by crypto giant Tether a decade ago and serves as the de facto example of a regulated crypto product.

• USDT proof of reserves are audited quarterly by an external accounting service.

‍

USDC (Circle)

‍

• USDC is the second most used stablecoin and is a result of payment processor Circle partnering with crypto exchange Coinbase. It is fully backed by cash and U.S. treasury bonds.

‍

PYUSD (PayPal USD)

‍

• PYUSD is one of the newest stablecoins and acts as PayPal's first major entry into the blockchain ecosystem. Along side Paxos, PYUSD was launched in 2023 and reserves are also backed by cash and treasury bonds.

‍

BUSD (Binance USD)

‍

• BUSD is Binance's attempt at launching their own stablecoin. They planned to use it as a primary operating token on the Binance crypto exchange but have pulled back after receiving regulatory scrutiny.

‍

PAXG (Pax Gold)

‍

• PAXG is a stablecoin that is pegged to the global trading value of gold. Each PAXG token is worth the market price of "one fine troy ounce of gold" and is backed by a strategic reserve stored in secure vaults.

‍

XAUt (Tether Gold)

‍

• Similar to PAXG, XAUt is a gold backed stablecoin whose value is correlated to the trading price of the precious metal. Unlike PAXG, XAUt's reserve is locked up in Swiss vaults.

‍

‍

Conclusion

‍

Perena is hyper focused on solving the inefficiencies in the stablecoin space and positioning themselves as the ultimate pickax seller for the crypto revolution. By lowering barriers for issuers and enhancing liquidity, they’re paving the way for broader adoption and integration of stablecoins.

‍

• ‍Perena developer documents and guides

• Perena on social media

‍

Learn more about Backpack

‍

Exchange | Wallet | Twitter | Discord

‍

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Backpack. Please read our full disclaimer for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Backpack is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice.