Over the past months, Perena has laid the foundation for stablecoin-native finance on Solana:

  • Numéraire powered billions in swaps and became the largest stableswap on Solana.

  • USD* emerged as a liquid and yield-integrated core asset with Jupiter Exchange, Rate-X, Exponent Finance, and Sphere support.

  • We onboarded strategic investors from Citadel, IMC, SIG, Jane Street, and more.

  • We are sponsored the Colosseum stablecoin track to support a thriving ecosystem.

  • Our Discord community crossed 20,000 humans. We are grateful to every one of you for contributing to our beginning.

In this, I want to share where we’re headed and some reflections on how we got here.

 

Stablecoins are more than a payment tool, they are a better form of banking.

Q2 2025 is a historical milestone in payments, where Visa, Mastercard, and Stripe are all going full steam on stablecoins. While traditional payments run on legacy infrastructure that is clunky, expensive, and held together by duct tape, stablecoins are internet-native money that sits one layer on top of legacy rails.

 

We believe that payments is only a sliver of the disruption that is to come.

 

Today, our money is at the same inflection point as information in the early internet days. This shift presents an unprecedented opportunity in financial innovation, structurally rewriting payments, banking, monetary theory, and credit extension.

 

Free from traditional rails and legacy constraints, we've designed Perena as a financial system from first principles—with you at the center. We're here to accelerate capital velocity while unlocking equal financial access to anyone, anywhere in the world.

 

Just as the internet democratized access to information, Perena is democratizing access to a borderless financial system. As long as you have access to the Internet, you have access to the most premium saving and investing products at Perena. We’re excited to unveil what comes next.

 

Meet Perena: Your StableBank

 

Perena is a stablebank that offers a modern, liquid savings account—powered by composable currencies.

 

#1 - Your Liquid Savings Account: USD*

 

USD* is getting an upgrade to include U.S. risk-free yield. We're partnering with Franklin Templeton, a major investment firm with $1.53 trillion in assets, to make this possible.

 

As USD* grows, the total amount locked in our stableswap is starting to exceed the demand in stablecoin volume on Solana. This leaves a portion of the capital unused. To put that idle capital to work, we’ll start allocating some of it into BENJI—Franklin Templeton’s OnChain U.S. Government Money Fund—which will be added to the USD* collateral.

 

This will make USD* the first stable token on Solana to combine built-in AMM liquidity with embedded T-bill yield.

 

We also plan to add more high-quality, regulated, fiat-backed stablecoins to USD* over time.

 

What's next after USD*? BTC* and EURO*

 

I first got into crypto as an idealist—drawn to the idea of currency diversification and the fundamental simplicity of Bitcoin. If 2025 has taught us anything, it's that in today’s geopolitical climate, having access to non-USD currencies is a strategic necessity for portfolio resilience.

 

In line with Solana Foundation's focus on building on-chain capital markets and expanding Bitcoin’s adoption on Solana, we will be introducing a basket of SPL-bridged BTC as BTC*. Further, we will add other currencies such as EUR* to the Perena ecosystem.

 

#2 - Your Universal Best Bid & Offer: Numéraire

 

New stablecoins are launching almost every week, which creates a growing problem: liquidity is getting fragmented, and users are getting confused. Unlike liquid staking tokens (LSTs), which often follow the same standards, stablecoins have different risk profiles.

 

Stablecoins are inherently not the same and should not always be 1:1.

 

However, apart from professional market participants and stablecoin nerds, most users don’t need to know this, just as most users don’t need to know the details of their Internet. It remains a problem to be solved and Perena aims to solve this responsibly.

 

Our first iteration is a hub-and-spoke stableswap AMM that increased capital utilization by pairing newly launched stablecoins with USD*, our blue-chip LP token that consists of USDC, USDT, and PYUSD. Despite still being in beta, over 100,000 wallets have swapped and interacted with the program. Rather than entrench a single dominant coin, Numéraire fosters a thriving, diverse stablecoin ecosystem.

 

But AMMs alone can’t compete forever.

 

The nature of AMM requires that a resting pool of capital remains available at the time of the swap, whether it be a pair of 2, 3, or 5 stablecoins. As on-chain market structures shifted from passive to active market making and as spreads tighten (therefore prices improve for end users), a purely algorithmic, decentralized AMM will not remain competitive against sophisticated, centralized liquidity providers for mainstream assets such as USDC and USDT. It is simply too expensive for active, professional market participants to leave stablecoins, the most expensive asset in terms of cost of capital, in a pool that they cannot actively quote.

 

I still believe AMM is a great invention and will continue to exist as a market structure, especially for long tail assets. However, there is room for innovation that leans into the rapid inflow of professional traders and the demand from passive LPs who want to earn yield.

 

From AMM to NBBO

 

Just as the U.S. equities market solved fragmented liquidity with the National Best Bid & Offer (NBBO)—a regulatory mandate that smart-routes orders across NYSE, Nasdaq & more to guarantee:

  • Price priority across venues

  • Trade-through protection (never pay worse than the best available price)

  • Unified access to all liquidity

…so too will Numéraire V2 deliver a universal best bid & offer for stablecoins (and FX) on Solana.

 

Numéraire V2: A Solana-First, Omni-Channel Liquidity Layer

  • Smart-Routing EngineContinuously scans all Perena pools, partner AMMs and OTC venues to quote your swap at the absolute best price—no “trade-throughs.”

  • Managed Basket LPsLPs pick their desired currency exposure; our protocol dynamically rebalances underlying stablecoin pools and external venues to honor NBBO-style price priority while capturing yield.

  • Partner IntegrationsDeep liquidity channels with Paxos (PayPal), Brale, Agora, M0—and support for branded stablecoin launches.

  • Risk & Transparency– Thorough issuer due diligence, real-time risk monitoring– Transparent on-chain collateral reports– Isolated “risk pools” for unregulated/new coins, just like lending‐protocol isolations

 

Support for multiple (high-performance, sorry Ethereum) blockchains and major forex currencies will come after.

 

What’s next?

 

Going cross-chain is painful, but on and off-ramp is even more painful.

For those of you like me who lived in multiple countries will know, managing assets across multiple chains and between fiat and stablecoins is similar to how the diaspora immigrant population manages our bank accounts and asset.

 

A huge pita 🫓.

 

Overtime, I foresee stablecoin liquidity to be deeply integrated with fiat. Not only will our on and off-chain lives be better, our multinational asset rebalancing will become much easier too thanks to finance migrating to stablecoins.

 

This year we’ll launch consumer-grade off-ramping (cards & partners), and in the future we’ll bring our NBBO-style stablecoin liquidity layer full-circle into TradFi.

 

#3 - Your Personal Quant: Composable Currency Vaults

 

As stablecoins continue to proliferate, users are confronted with a confusing array of assets and yield strategies—each with different levels of risk, transparency, and trust. It’s difficult to know where to park capital, which stablecoins are safe or compliant, how yield is generated, or what fees and risks are embedded. Many of these products, from T-bill–backed tokens to complex DeFi loops, are wrapped in opaque structures that obscure their mechanics.

 

Composable Currency functions as both a store of value and a medium of change. It is money that does more — it earns yield, works as collateral, swaps instantly, and moves anywhere on-chain.


To unlock stablecoin yield generation from a variety of strategies for our users, Perena is launching investment products that allow users to deposit USD* and

  • Select risk-isolated strategies (e.g. synthetic dollars, MMFs, DeFi yield)

  • Diversify across stablecoins within the same strategy in a vault

  • Earn composable yield via curated vaults

  • Use the vault receipt tokens as a composable currency anywhere on-chain

The vault protocol is designed for

  • Risk isolation through permissionless architecture

  • Real-time risk management

  • Liquidity efficiency

 

Putting it Together: The Solana StableBank

 

We don’t view Perena as just a DeFi protocol, but rather one that offers many of the services banks claim that they offer but don’t.

 

(Lawyers banned us from using the word bank, so I took a page from the EtherFi book and we’ll just call it StableBank, “NOT FDIC insured” swag drop coming soon.)

 

Traditional banks run factional reserves and lend your deposits out to make revenue. Some bank regulators have reserve requirements as low as...0%! While bank can do infinite looping backstopped by their governments (hopefully), they can’t do what we can with stablecoins 🙃

 

We won’t lend your stablecoins out without your permission. Instead of making revenue on loans, we increase capital velocity via trading (liquidity provisioning) while keeping full reserves. We want to provide the best prices for users to swap, and we will take the profits from liquidity provision and give it back to our depositors.

 

For depositors of our Composable Currency Vaults, you will get a receipt token on your deposits that is worth as much as you put in, and it grows overtime. We call these proof of deposits composable currencies, because they can be used as money across on-chain capital markets.

 

What’s the full suite of stable-banking services?

Basic Financial Functions

  • Save. Hold USD* like a checking account, earning a stable, benchmark yield.

  • Invest. Deposit funds to earn from swap fees, lending, RWAs, and curated strategy vaults.

  • Use. Deploy your composable currencies in DeFi via Perena’s integrations on Solana—and soon, other chains.

  • Spend. Access your on-chain balance in the real world.

  • Exchange. Swap stablecoins and foreign currencies through our liquidity layer—no memecoins, so your friends won’t judge.

  • Borrow. Tap into credit using your composable currencies as collateral.

Advanced Financial Functions

  • Insure. Protect yourself and your assets against risks.

  • Credit Line. Secure borrowing power backed by your reputation and social presence.

  • Estate Planning. Prepare seamless transfers of assets across generations.

We’re kicking things off with an upgraded liquidity layer and RWA investment vaults—live later this year.

That's where @Perena__ is headed next.

💜 Team Perena

 

Over the past months, Perena has laid the foundation for stablecoin-native finance on Solana:

  • Numéraire powered billions in swaps and became the largest stableswap on Solana.

  • USD* emerged as a liquid and yield-integrated core asset with Jupiter Exchange, Rate-X, Exponent Finance, and Sphere support.

  • We onboarded strategic investors from Citadel, IMC, SIG, Jane Street, and more.

  • We are sponsored the Colosseum stablecoin track to support a thriving ecosystem.

  • Our Discord community crossed 20,000 humans. We are grateful to every one of you for contributing to our beginning.

In this, I want to share where we’re headed and some reflections on how we got here.

 

Stablecoins are more than a payment tool, they are a better form of banking.

Q2 2025 is a historical milestone in payments, where Visa, Mastercard, and Stripe are all going full steam on stablecoins. While traditional payments run on legacy infrastructure that is clunky, expensive, and held together by duct tape, stablecoins are internet-native money that sits one layer on top of legacy rails.

 

We believe that payments is only a sliver of the disruption that is to come.

 

Today, our money is at the same inflection point as information in the early internet days. This shift presents an unprecedented opportunity in financial innovation, structurally rewriting payments, banking, monetary theory, and credit extension.

 

Free from traditional rails and legacy constraints, we've designed Perena as a financial system from first principles—with you at the center. We're here to accelerate capital velocity while unlocking equal financial access to anyone, anywhere in the world.

 

Just as the internet democratized access to information, Perena is democratizing access to a borderless financial system. As long as you have access to the Internet, you have access to the most premium saving and investing products at Perena. We’re excited to unveil what comes next.

 

Meet Perena: Your StableBank

 

Perena is a stablebank that offers a modern, liquid savings account—powered by composable currencies.

 

#1 - Your Liquid Savings Account: USD*

 

USD* is getting an upgrade to include U.S. risk-free yield. We're partnering with Franklin Templeton, a major investment firm with $1.53 trillion in assets, to make this possible.

 

As USD* grows, the total amount locked in our stableswap is starting to exceed the demand in stablecoin volume on Solana. This leaves a portion of the capital unused. To put that idle capital to work, we’ll start allocating some of it into BENJI—Franklin Templeton’s OnChain U.S. Government Money Fund—which will be added to the USD* collateral.

 

This will make USD* the first stable token on Solana to combine built-in AMM liquidity with embedded T-bill yield.

 

We also plan to add more high-quality, regulated, fiat-backed stablecoins to USD* over time.

 

What's next after USD*? BTC* and EURO*

 

I first got into crypto as an idealist—drawn to the idea of currency diversification and the fundamental simplicity of Bitcoin. If 2025 has taught us anything, it's that in today’s geopolitical climate, having access to non-USD currencies is a strategic necessity for portfolio resilience.

 

In line with Solana Foundation's focus on building on-chain capital markets and expanding Bitcoin’s adoption on Solana, we will be introducing a basket of SPL-bridged BTC as BTC*. Further, we will add other currencies such as EUR* to the Perena ecosystem.

 

#2 - Your Universal Best Bid & Offer: Numéraire

 

New stablecoins are launching almost every week, which creates a growing problem: liquidity is getting fragmented, and users are getting confused. Unlike liquid staking tokens (LSTs), which often follow the same standards, stablecoins have different risk profiles.

 

Stablecoins are inherently not the same and should not always be 1:1.

 

However, apart from professional market participants and stablecoin nerds, most users don’t need to know this, just as most users don’t need to know the details of their Internet. It remains a problem to be solved and Perena aims to solve this responsibly.

 

Our first iteration is a hub-and-spoke stableswap AMM that increased capital utilization by pairing newly launched stablecoins with USD*, our blue-chip LP token that consists of USDC, USDT, and PYUSD. Despite still being in beta, over 100,000 wallets have swapped and interacted with the program. Rather than entrench a single dominant coin, Numéraire fosters a thriving, diverse stablecoin ecosystem.

 

But AMMs alone can’t compete forever.

 

The nature of AMM requires that a resting pool of capital remains available at the time of the swap, whether it be a pair of 2, 3, or 5 stablecoins. As on-chain market structures shifted from passive to active market making and as spreads tighten (therefore prices improve for end users), a purely algorithmic, decentralized AMM will not remain competitive against sophisticated, centralized liquidity providers for mainstream assets such as USDC and USDT. It is simply too expensive for active, professional market participants to leave stablecoins, the most expensive asset in terms of cost of capital, in a pool that they cannot actively quote.

 

I still believe AMM is a great invention and will continue to exist as a market structure, especially for long tail assets. However, there is room for innovation that leans into the rapid inflow of professional traders and the demand from passive LPs who want to earn yield.

 

From AMM to NBBO

 

Just as the U.S. equities market solved fragmented liquidity with the National Best Bid & Offer (NBBO)—a regulatory mandate that smart-routes orders across NYSE, Nasdaq & more to guarantee:

  • Price priority across venues

  • Trade-through protection (never pay worse than the best available price)

  • Unified access to all liquidity

…so too will Numéraire V2 deliver a universal best bid & offer for stablecoins (and FX) on Solana.

 

Numéraire V2: A Solana-First, Omni-Channel Liquidity Layer

  • Smart-Routing EngineContinuously scans all Perena pools, partner AMMs and OTC venues to quote your swap at the absolute best price—no “trade-throughs.”

  • Managed Basket LPsLPs pick their desired currency exposure; our protocol dynamically rebalances underlying stablecoin pools and external venues to honor NBBO-style price priority while capturing yield.

  • Partner IntegrationsDeep liquidity channels with Paxos (PayPal), Brale, Agora, M0—and support for branded stablecoin launches.

  • Risk & Transparency– Thorough issuer due diligence, real-time risk monitoring– Transparent on-chain collateral reports– Isolated “risk pools” for unregulated/new coins, just like lending‐protocol isolations

 

Support for multiple (high-performance, sorry Ethereum) blockchains and major forex currencies will come after.

 

What’s next?

 

Going cross-chain is painful, but on and off-ramp is even more painful.

For those of you like me who lived in multiple countries will know, managing assets across multiple chains and between fiat and stablecoins is similar to how the diaspora immigrant population manages our bank accounts and asset.

 

A huge pita 🫓.

 

Overtime, I foresee stablecoin liquidity to be deeply integrated with fiat. Not only will our on and off-chain lives be better, our multinational asset rebalancing will become much easier too thanks to finance migrating to stablecoins.

 

This year we’ll launch consumer-grade off-ramping (cards & partners), and in the future we’ll bring our NBBO-style stablecoin liquidity layer full-circle into TradFi.

 

#3 - Your Personal Quant: Composable Currency Vaults

 

As stablecoins continue to proliferate, users are confronted with a confusing array of assets and yield strategies—each with different levels of risk, transparency, and trust. It’s difficult to know where to park capital, which stablecoins are safe or compliant, how yield is generated, or what fees and risks are embedded. Many of these products, from T-bill–backed tokens to complex DeFi loops, are wrapped in opaque structures that obscure their mechanics.

 

Composable Currency functions as both a store of value and a medium of change. It is money that does more — it earns yield, works as collateral, swaps instantly, and moves anywhere on-chain.


To unlock stablecoin yield generation from a variety of strategies for our users, Perena is launching investment products that allow users to deposit USD* and

  • Select risk-isolated strategies (e.g. synthetic dollars, MMFs, DeFi yield)

  • Diversify across stablecoins within the same strategy in a vault

  • Earn composable yield via curated vaults

  • Use the vault receipt tokens as a composable currency anywhere on-chain

The vault protocol is designed for

  • Risk isolation through permissionless architecture

  • Real-time risk management

  • Liquidity efficiency

 

Putting it Together: The Solana StableBank

 

We don’t view Perena as just a DeFi protocol, but rather one that offers many of the services banks claim that they offer but don’t.

 

(Lawyers banned us from using the word bank, so I took a page from the EtherFi book and we’ll just call it StableBank, “NOT FDIC insured” swag drop coming soon.)

 

Traditional banks run factional reserves and lend your deposits out to make revenue. Some bank regulators have reserve requirements as low as...0%! While bank can do infinite looping backstopped by their governments (hopefully), they can’t do what we can with stablecoins 🙃

 

We won’t lend your stablecoins out without your permission. Instead of making revenue on loans, we increase capital velocity via trading (liquidity provisioning) while keeping full reserves. We want to provide the best prices for users to swap, and we will take the profits from liquidity provision and give it back to our depositors.

 

For depositors of our Composable Currency Vaults, you will get a receipt token on your deposits that is worth as much as you put in, and it grows overtime. We call these proof of deposits composable currencies, because they can be used as money across on-chain capital markets.

 

What’s the full suite of stable-banking services?

Basic Financial Functions

  • Save. Hold USD* like a checking account, earning a stable, benchmark yield.

  • Invest. Deposit funds to earn from swap fees, lending, RWAs, and curated strategy vaults.

  • Use. Deploy your composable currencies in DeFi via Perena’s integrations on Solana—and soon, other chains.

  • Spend. Access your on-chain balance in the real world.

  • Exchange. Swap stablecoins and foreign currencies through our liquidity layer—no memecoins, so your friends won’t judge.

  • Borrow. Tap into credit using your composable currencies as collateral.

Advanced Financial Functions

  • Insure. Protect yourself and your assets against risks.

  • Credit Line. Secure borrowing power backed by your reputation and social presence.

  • Estate Planning. Prepare seamless transfers of assets across generations.

We’re kicking things off with an upgraded liquidity layer and RWA investment vaults—live later this year.

That's where @Perena__ is headed next.

💜 Team Perena