Binance Labs, the venture capital and incubation arm of Binance, has invested in Perena, a stablecoin infrastructure protocol on Solana.
In an announcement on Dec. 11, Binance Labs revealed it had participated in the pre-seed funding round of Quine Co., the core contributor to the Perena stablecoin platform.
The investment aims to accelerate the adoption of stablecoins on Solana (SOL). This ecosystem already benefits from Perena’s decentralized finance focused solution.
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Circle, Paxos, PayPal and Hong Kong-based stablecoin issuer First Digital are among platform to bring stablecoin support to Solana. Growth across this market has previously seen Solana’s stablecoin volume surpass that of Ethereum (ETH), the top DeFi network.
Perena seeks to enhance stablecoin adoption on Solana by bringing traditional banking efficiency to the blockchain ecosystem. Its infrastructure allows users to access liquid synthetic dollars created through stableswaps, addressing fragmentation and reducing stablecoin issuance risks.
With Perena, users can mint stablecoins and leverage them to earn yield on tokenized real-world assets. The platform acts as a foundational layer for on-chain finance, offering users capital efficiency while supporting broader DeFi adoption.
Binance Labs’ investment will allow Perena to expand its team, grow its global community and to build its stablecoin solution 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.” Max Coniglio, investment director, Binance Labs.
As part of its growth, Perena recently unveiled Numéraire.
According to the protocol, this feature eliminates the need for an active concentrated liquidity market maker. The decentralized exchange functionality reduces capital requirements for projects launching new stablecoins, further solidifying Perena’s role in advancing stablecoin infrastructure on Solana.
Read more: Ripple secures New York regulatory nod for stablecoin
