Binance Labs invests in Perena to boost Solana stablecoin adoption

Binance Labs, the venture capital and incubation arm of Binance, has invested in Perena, a stablecoin infrastructure protocol on Solana.

In an announcement made on December 11, Binance Labs announced that Quine Co., the main contributor to the Perena stablecoin platform, participated in the pre-seed funding round.

The investment aims to accelerate the adoption of stablecoins on Solana (SOL). This ecosystem already benefits from Perena’s decentralized finance-focused solution.

Circle, Paxos, PayPal and Hong Kong-based stablecoin issuer First Digital are among the platforms that will bring stablecoin support to Solana. Growth in this market has previously seen Solana’s stablecoin volume surpass that of the top DeFi network, Ethereum (ETH).

Perena aims to increase stablecoin adoption on Solana by bringing traditional banking efficiency to the blockchain ecosystem. Its infrastructure allows users to access liquid synthetic dollars created through stable swaps, addressing fragmentation and reducing stablecoin issuance risks.

With Perena, users can mint stablecoins and leverage them to generate returns on tokenized real-world assets. The platform serves as a foundational layer for on-chain finance and supports broader adoption of DeFi while providing users with capital efficiency.

Binance Labs’ investment will allow Perena to expand its team, grow its global community, and build its stablecoin solution on Solana.

“Binance Labs is always committed to providing green support to early-stage projects that enable the growth of the Web3 ecosystem. We are excited to support Perena in the early stages of their journey and assist them in their mission to join the next wave of stablecoin users on Solana,” said Max Coniglio, chief investment officer, Binance Labs.

As part of its expansion, Perena recently introduced Numéraire.

According to the protocol, this feature eliminates the need for an active concentrated liquidity market maker. The decentralized exchange functionality further strengthens Perena’s role in developing stablecoin infrastructure on Solana by reducing the capital requirements of projects launching new stablecoins.