Crypto12 May, 20263 min read
Sky Ecosystem Leads $13.5 Million Round For Stablecoin Yield Startup Osero
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Sky Ecosystem leads the $13.5M funding round for Osero's stablecoin yield infra. Plasma co-leads the round alongside Sky Ecosystem.
Osero raises $13.5M
Stablecoin yield infrastructure project Osero raised $13.5 million in a round led by Sky Ecosystem and co-led by Plasma, according to CoinDesk and The Block. CoinDesk said the round included angel investors representing USDT0, Maple, Accountable, Four Pillars, RedStone, The Rollup and Kairos Research, while The Block said Plasma co-led and that RedStone, The Rollup, Kairos Research, Maple co-founder Joe Flanagan, and USDT0 co-founder Lorenzo Romagnoli also joined. CoinDesk reported that Stablecoins have grown to more than $300 billion, citing DeFiLlama data, and said Osero is launching three products: Osero Earn, Osero App, and Osero Foundry.
CoinDesk said Osero Earn lets wallets, neobanks, custodians and exchanges embed the Sky Savings Rate into their own interfaces, while The Block described Osero as focused on expanding adoption of Sky’s two stablecoins, USDS (formerly DAI) and sUSDS, by providing access to the Sky savings rate. CoinDesk added that Osero Foundry will provide up to $2.5 billion in allocation capacity for anchor funding, swap liquidity and lending liquidity, and that each deployment will go through a Basel III-inspired risk review.
How the integration works
The Block said Osero is building three products—Earn, App, and Foundry—and quoted Stablewatch and Soter Labs context, while CoinDesk detailed how the Sky Savings Rate is embedded into interfaces. CoinDesk said Osero App gives users direct access to the rate across chains, and said Osero Foundry gives asset managers and structured product issuers a way to bring yield products onchain. CoinDesk reported that Osero Earn is meant to be integrated with roughly 10 lines of code, and that the product routes deposits into the Sky Savings Rate while Osero handles the underlying asset-management, routing and risk infrastructure.
The Block reported that the fundraising process began last December and the round closed in March, with Saczuk saying the round was structured entirely as a simple agreement for future tokens, or SAFT. CoinDesk said the $13.5 million raise will fund capital requirements for Osero’s first Foundry allocations, and that the capital will be used to underwrite the first cohort of deployments under the risk framework used for the Sky Protocol’s assessment process.
Risk, buffers, and capacity
The Block said $10 million of Osero’s capital is designated to fund reserve requirements, describing it as a buffer to protect both users and Sky Protocol from potential losses. CoinDesk said each deployment will go through a Basel III-inspired risk review, and that the $13.5 million raise will fund capital requirements for Osero’s first Foundry allocations. The Block said Sky operates similarly to a central bank, with agents or subDAOs such as Osero handling distribution, and quoted Saczuk describing how each agent is optimised for a distinct segment and go-to-market approach.
CoinDesk reported that Sky, formerly MakerDAO, has been expanding the balance sheet and distribution network around USDS and sUSDS, and said Sky received a B- rating from S&P last year, in the first credit rating assigned by the agency to a DeFi protocol. CoinDesk also said Plasma, which co-led the round, is building a stablecoin-focused blockchain and that its token sale drew $373 million last year in an oversubscribed sale.