Osero, a stablecoin performance infrastructure project incubated by Stablewatch and Soter Labs, raised $13.5 million in a round led by Sky Ecosystem and co-led by Plasma.
The round included angel investors representing USDT0, Maple, Accountable, Four Pillars, RedStone, The Rollup and Kairos Research, according to an announcement.
Stablecoins have grown to more than $300 billion, according to data from DeFiLlama. Most of the return on the assets backing those stablecoins still goes to issuers like Circle and Tether, leaving holders with no direct return and fintech companies with limited ways to offer stablecoin savings products without managing the assets themselves.
Osero launches three products. Osero Earn, which allows wallets, neobanks, custodians and exchanges to incorporate Sky Savings Rate into their own interfaces. Osero App, which gives users direct access to the rate across all chains, and Osero Foundry, which gives asset managers and structured product issuers a way to bring performance products to the chain.
Osero Earn is intended to be integrated with approximately 10 lines of code, according to the company. The product directs deposits to Sky Savings Rate, while Osero handles the underlying risk, routing and asset management infrastructure.
Osero Foundry will provide up to $2.5 billion in allocation capacity for anchor financing, swap liquidity and loan liquidity. Each deployment will go through a Basel III-inspired risk review, Osero said.
The $13.5 million raise will fund capital requirements for Osero’s first Foundry allocations. The capital will be used to fund the first cohort of implementations under the risk framework used for the Sky Protocol evaluation process.
Sky, formerly MakerDAO, has been expanding its balance sheet and distribution network around USDS and sUSDS. Sky received a B- rating from S&P last year, in the first credit rating assigned by the agency to a DeFi protocol.
Sky-backed projects have also powered real-world asset products that generate returns. Obex said in March it was allocating $1 billion across credit, energy and artificial intelligence assets to broaden the performance of stablecoins.
Plasma, which co-led the round, is building a stablecoin-focused blockchain. Its token sale attracted $373 million last year in an oversubscribed sale.
