Perena
Perena is a Solana-based DeFi protocol offering USD STAR (USD*), a yield-bearing stablecoin that auto-generates 8.5% current APY (10-15% target) on deposits via cross-platform strategies. It serves crypto-native users seeking liquid, audited yield on idle stablecoins through a self-serve app.
- Company typePrivate
- Founded2024
- HeadquartersCalifornia, United States
- Headcount1–10
- GTM typeB2C
- OfferingSoftware
What Perena does
Perena is a Solana-based decentralized finance protocol that builds stablecoin infrastructure, centered on its flagship USD STAR (USD*) yield-bearing stablecoin. USD* is designed to automatically earn yield on deposited stablecoins through curated, cross-platform strategies, targeting 10-15% annual returns with a current realized APY of 8.5%, and is fully liquid with no lock-up. Risk is managed through diversification across multiple venues so that USD* is never exposed to a single point of failure, and the protocol advertises third-party audits and public on-chain transparency.
The product is delivered through a self-serve, product-led-growth platform at app.perena.org, exposing Earn, Swap, and Connect modules to crypto-native users who hold stablecoins and want passive yield rather than zero-interest cash exposure. At present the platform supports 9.34K holders and roughly 9.97M USD* in supply (~$10.71M market cap). Revenue is generated on a usage-based spread between yield earned on deployed reserves and yield paid to USD* holders, with no explicit management or deposit fees disclosed.
Perena was founded in 2024, operates with 1-10 employees, and is based in California. It closed a $3 million seed round in December 2024 led by Borderless Capital (with ABCDE, Anagram, YZi Labs, Borderless Capital, Breed VC, Graph Ventures, Maelstrom, MitonC, Pivot Global, Primitive, SevenX Ventures, and Temporal participating), and in December 2025 entered a strategic partnership with Nasdaq-listed DeFi Development Corp. to mint USD* against DFDV's SOL treasury and target ~15% APY yield for SPS growth.
Perena firmographics
Firmographics- Name
- Perena
- Website
- https://perena.org
- Company type
- Private
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Perena is a Solana-based DeFi protocol offering USD STAR (USD*), a yield-bearing stablecoin that auto-generates 8.5% current APY (10-15% target) on deposits via cross-platform strategies. It serves crypto-native users seeking liquid, audited yield on idle stablecoins through a self-serve app.
- Ownership category
- akta.pro rank
Perena industry classification
Industry- Product category
- Decentralized Finance (DeFi) Stablecoin Protocol
- SIC
- Finance Services (6199)
- akta.pro primary industry
- Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption) (FSAPAEAB)
- akta.pro secondary industries
- Mint/Redeem, Issuance APIs & Treasury Operations Platforms (FSADADAE), Stablecoin Protocols (Decentralized) (FSADAMAD)
Keywords
Where Perena is headquartered
LocationHeadquarters
- HQ city
- California
- HQ country
- United States
- HQ region
- North America
Markets served
Perena business model
Business model- GTM type
- B2C
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales
Revenue model
- Stablecoin Yield Management: Perena generates revenue through yield strategies deployed on user-deposited stablecoin reserves. The platform appears to capture a spread between the yield generated on reserves (8.5% APY) and returns distributed to users.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Usage-based | Pay-as-you-go | USD STAR (USD*) stablecoin yield - 8.5% current APY |
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
Perena product offering
Product offeringCore offering
Perena develops and operates USD STAR (USD*), a yield-bearing stablecoin built on the Solana blockchain. Users deposit stablecoins into the protocol and automatically earn yield (current 8.5% APY, targeting 10-15%) through curated strategies distributed across multiple platforms to mitigate single-point-of-failure risk. The product is fully liquid with no lock-up periods and is third-party audited.
Product overview
Perena is a decentralized finance platform offering a unified product ecosystem centered on USD* stablecoin. The platform provides three core services: USD* (a yield-bearing stablecoin that auto-generates returns on deposits), Earn (enabling users to earn APY on stablecoins through automated strategies), and Swap (for currency conversion). USD* serves as the foundational product, with a current APY of 8.5% and market cap of approximately $10.71 million, designed to protect users from inflation while outperforming traditional savings accounts.
Differentiator
Problem solved
Functional benefit
Products and services
- USD STAR (USD*) USD STAR (USD*) is a Solana-based yield-bearing stablecoin designed for crypto-native holders seeking passive income on idle stablecoin reserves. The token automatically earns yield through curated cross-platform strategies while remaining fully liquid and redeemable at any time, providing inflation protection and outperforming traditional savings vehicles.
Quantifiable outcome
- 8.5% current APY on USD* stablecoin
- +2 more outcomes
Companies that use Perena
Customer profileSegments1 record
Ideal customer profiles2 records
Perena technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Perena partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- DeFi Development Corp.coreStrategic partnership with DeFi Development Corp. (NASDAQ:DFDV) to mint USD STAR stablecoin targeting approximately 15% APY yield. DeFi Development Corp. holds 2,221,329 SOL and approximately $9 million in cash and stablecoins, generating 8.3% organic yield through staking and validator operations. The partnership leverages USD* stablecoin yield for SPS (Solana per share) growth.
Scale indicators4 records
Recent moves5 records
Expansion highlights5 records
Perena competitors and assessment
Company assessmentDirect peers
- Ethena Labs: Ethena issues USDe, a synthetic dollar that generates yield through delta-neutral perpetual futures strategies — the closest direct competitor to USD* in the yield-bearing stablecoin category, though operating primarily on Ethereum.
- Ondo Finance: Ondo offers USDY and OUSG, tokenized yield-bearing stable products backed by T-Bills and bank deposits, competing directly with USD* for yield-seeking stablecoin holders with a more institutional/TradFi-bridge positioning.
- Frax Finance: Frax issues frxUSD and the older FRAX stablecoin with algorithmic/collateralized backing and yield mechanisms, sharing Perena's positioning at the intersection of stablecoin issuance and DeFi-native yield generation.
- Mountain Protocol: USDM by Mountain Protocol is a yield-bearing stablecoin paying T-Bill-backed yields directly to holders — a direct conceptual peer to USD* in the "money-market-on-chain" stablecoin category.
- Kamino Finance: Kamino is a leading Solana-native DeFi protocol offering automated yield strategies and lending vaults — a direct infrastructure peer to Perena's yield-strategy allocation layer within the same Solana ecosystem.
- Drift Protocol: Drift is a Solana-native perpetuals DEX whose yield strategies and liquidity products overlap with the underlying venues Perena routes USD* yield through — a competitor for Solana DeFi yield volume.
Broad incumbents
- Sky (formerly MakerDAO): Sky/MakerDAO issues DAI and USDS, the largest decentralized stablecoin, and the sDAI savings rate offers yield-bearing functionality analogous to USD* but at a vastly larger scale and longer operating history.
- Circle (USYC): Circle, issuer of USDC, has launched USYC — a tokenized money market fund paying T-Bill yields — directly competing with USD* from the position of the dominant regulated stablecoin issuer.
Others
- DeFi Development Corp. DFDV is Perena's NASDAQ-listed strategic partner holding 2.2M+ SOL and ~$9M in stablecoin reserves — a treasury management peer and key counterparty in the USD* ecosystem rather than a direct competitor.
Emerging players
- Marinade Finance: Marinade is a leading Solana liquid staking protocol that generates native staking yield for SOL holders — adjacent to Perena's USD* in offering yield infrastructure on Solana, but focused on SOL staking rather than stablecoin yield.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights5 records
Customer concentration
Perena social profiles
Digital presencePerena compliance and trust
Trust signalCompliance1 record
Perena financial estimates
Financial estimateRevenue estimate
Valuation estimate
Perena leadership team
Management profileNumber of profiles
Profiles1 record
Perena funding detail
Funding detailFunding overview
Funding rounds1 record
Investors12 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Perena M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Perena
What does Perena do?
Perena develops and operates USD STAR (USD*), a yield-bearing stablecoin built on the Solana blockchain. Users deposit stablecoins into the protocol and automatically earn yield (current 8.5% APY, targeting 10-15%) through curated strategies distributed across multiple platforms to mitigate single-point-of-failure risk. The product is fully liquid with no lock-up periods and is third-party audited.
When was Perena founded?
Perena was founded in 2024. It employs 1 to 10 people.
Where is Perena based?
Perena is headquartered in California, United States, in the North America region.
How does Perena make money?
One revenue line is on record: stablecoin Yield Management.
Who are Perena's main competitors?
Direct peers on record are Ethena Labs, Ondo Finance, Frax Finance, Mountain Protocol, Kamino Finance and Drift Protocol. Broad incumbents are Sky (formerly MakerDAO) and Circle (USYC). DeFi Development Corp. is listed as an others. Marinade Finance is listed as an emerging player.
Does Perena have an API?
No public API is recorded for Perena.
What industry is Perena in?
Perena's product category is Decentralized Finance (DeFi) Stablecoin Protocol. Its primary akta.pro industry code is FSAPAEAB, Stablecoins & On-Chain Money (fiat-backed, crypto-backed, algorithmic; issuance/redemption), with a secondary code of FSADADAE, Mint/Redeem, Issuance APIs & Treasury Operations Platforms. Its SIC code is 6199.