Resolv Labs, the firm behind the $450 million decentralized finance (DeFi) protocol Resolv, has successfully closed a $10 million seed round aimed at expanding its crypto-native yield platform and USR stablecoin. In an exclusive interview with CoinDesk, the team’s focus on innovation within the cryptocurrency space was highlighted.
The investment round was spearheaded by Cyber.Fund and Maven11, with additional support from notable investors including Coinbase Ventures, Susquehanna’s subsidiary SCB Limited, Arrington Capital, Gumi Cryptos, NoLimit Holdings, Robot Ventures, Animoca Ventures, and others. This diverse array of backers underscores the growing interest in the DeFi landscape.
Stablecoins, which constitute a $230 billion and rapidly expanding class of cryptocurrencies tied to external assets, are gaining traction beyond their traditional roles in payments and trading. An emerging wave of crypto protocols is now offering yield-bearing stablecoins, commonly referred to as “synthetic dollars.” These tokens encapsulate various investment strategies within a digital framework that maintains a stable price while returning a portion of the earnings to investors.
Ivan Kozlov, the founder and CEO of Resolv, expressed his vision on the potential of stablecoins in yield distribution: “I view stablecoins as the perfect rails for yield distribution. This may actually become larger than transaction stablecoins like [Tether’s] USDT in the future.” His enthusiastic outlook reflects the transformative potential of stablecoins within the broader financial ecosystem.
One noteworthy exemplar of this trend is Ethena’s $5 billion USDe token, which primarily adopts a delta-neutral stance by holding cryptocurrencies such as BTC, ETH, and SOL, while simultaneously shorting equal portions of perpetual futures to capitalize on funding rates.
Resolv’s USR token operates on a similar principle; designed to be a delta-neutral stablecoin anchored at $1, it aims to provide stable yields derived from the fluctuating crypto markets while effectively shielding holders from substantial price volatility. This dual-layer risk management approach was inspired by Kozlov’s background in structured products of traditional finance.
The protocol delineates risk among two layers: holders of the USR stablecoin occupy the more secure senior tranche, reaping stable yet lower yields, whereas risk-savvy investors participate in the insurance layer represented by the RLP token, which carries a floating price. This innovative model draws from structured finance concepts, seeking to enhance predictability of crypto yields without compromising decentralization, as Kozlov elaborated.
Following its launch in September 2024, Resolv’s protocol rapidly amassed over $600 million in assets, significantly driven by attractive yields during the recent crypto rally subsequent to Donald Trump’s election victory, as highlighted by DefiLlama data. However, as market conditions shifted towards bearish trends and yields contracted, the total value locked (TVL) in Resolv has since decreased to approximately $450 million this month.
With the newly raised capital, Resolv’s strategy includes broadening its yield sources to encompass bitcoin (BTC)-based strategies and enhancing integrations with institutional digital asset managers. Furthermore, the protocol aims to extend its reach to new blockchains, thereby appealing to a wider audience of crypto enthusiasts.
