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About Perena
Perena is a stablecoin exchange platform on Solana. Its core product, USD*, is a yield-bearing stablecoin. Users deposit stablecoins like USDC and receive USD*, which is then allocated across multiple strategies including private credit, fixed income, and delta-neutral quantitative trading. The platform uses a tranche structure: USD* Protected offers lower yield with principal protection, while USD* Junior takes losses first in exchange for higher returns. This design lets different risk appetites coexist within one pool.
The main selling point is risk structuring rather than risk elimination. By combining low-correlation assets and layering risk through tranches, Perena aims to offer stable returns while keeping exposure to crypto market beta minimal. The team explicitly avoids TVL incentives, focusing instead on real yield generation.
Market pain points addressed: traditional stablecoin holders earn near-zero yield, while DeFi users often chase unsustainable high APYs. Perena positions itself as a middle ground—a 'high-yield savings account' with structured risk.
In the past six months (2026-03 to 2026-09), Perena launched a USDT vault (Glow Vault) running delta-neutral strategies via perpetual DEXs and lending protocols, with expected APY around 8.5%. The platform also introduced 24/7 NAV updates, which caused some user confusion as weekend APY fluctuations occurred due to traditional assets not pricing on weekends. Additionally, Perena suffered a minor loss of $2,000-$3,000 on Solana due to secondary effects from a security incident, though the impact was limited.
Perena began as a stablecoin swap protocol (Numéraire) on Solana, processing over $2 billion in cumulative volume. Recognizing the capital inefficiency of AMM models, the team pivoted to building a structured yield platform. In September 2025, Perena launched USD', a fully compliant stablecoin designed to adhere to the GENIUS Act framework, backed by real-world assets from Franklin Templeton (BENJI) and Superstate (USTB). USD' supports Solana's confidential transfers, balancing privacy and compliance. The platform later introduced tranched vaults (USD' Senior/Junior/Protected) to offer differentiated risk-return profiles, marking a strategic shift from simple stablecoin exchange to a crypto-native asset management layer.
Perena's key developments from Mar to Sep 2026:
SOL* launch (Aug 11): A yield-bearing token built with Kestrel Finance, targeting 3-5% higher yield than Solana LSTs via delta-neutral carry strategies while maintaining SOL price exposure. Current net APY shown at 8.50%.
USD* structured products expansion: Two new tranches launched — USD*-Junior (amplified returns, 12-20%+ APY, first-loss position) and USD*-Protected (fixed ~5% APY with principal protection via reserve backstop). Flagship USD* maintains ~8.5% APY.
Platform milestones: Numéraire AMM surpassed $2B cumulative trading volume, with $130M net USD* minted. 35% of users are new to Solana.
Future roadmap:
RWA Marketplace (coming soon): An inventory layer for real-world asset strategies feeding new pools, enabling issuers to distribute structured products through the same tranche mechanism.
Multi-chain expansion: Architecture supports cross-chain yield aggregation, with USD* positioning as a cross-chain yield-bearing asset.
Long-term vision: Evolve into a full-stack, crypto-native asset management platform — "21st-century asset manager built on permissionless rails" — offering hedge-fund-grade products to retail users.
Anna Yuan (Founder & CEO)
Anna Yuan is the founder and CEO of Perena. Previously, she served as the Head of Stablecoins at the Solana Foundation (2022.06-2024.08), leading stablecoin initiatives. She holds a BA in Philosophy from the University of Chicago and an MBA from Harvard Business School. Her early career includes roles at ConsenSys and McKinsey & Company. She is active on Twitter (@gizmothegizzer) and LinkedIn.