Osero, a stablecoin yield infrastructure project incubated by Stablewatch and Soter Labs, raised $13.5 million in a funding round led by Sky Ecosystem and co-led by Plasma.
According to the announcement, this round of financing includes angel investors such as USDT0, Maple, Accountable, Four Pillars, RedStone, The Rollup and Kairos Research.
According to DeFiLlama, stablecoins have grown to more than $300 billion. Most of the proceeds from the assets backing these stablecoins still go to issuers such as Circle and Tether, leaving holders with no direct returns, and fintech companies are limited in the way they can offer stablecoin savings products without managing the assets themselves.
Osero will launch three products. Osero Earn allows wallets, neobanks, custodians and exchanges to embed Sky Savings Rate into their own interfaces. The Osero App gives users direct access to interest rates across the chain, while the Osero Foundry provides asset managers and structured product issuers with a way to bring yield products on-chain.
According to the company, Osero Earn is designed to integrate with approximately 10 lines of code. The product transfers deposits into Sky Savings Rate, while Osero handles the underlying asset management, routing and risk infrastructure.
Osero Foundry will provide up to $2.5 billion in allocation capabilities for anchor funding, swap liquidity and loan liquidity. Othello said each deployment would go through a Basel III-inspired risk review.
The $13.5 million raised will be used to fund Osero’s capital needs for its first Foundry grant. The funding will be used to fund the first deployments under the risk framework used in Sky Protocol’s assessment process.
Sky (formerly MakerDAO) has been expanding its balance sheet and distribution network around USDS and sUSDS. Sky received a B- rating from Standard & Poor’s last year, the first time the agency gave a DeFi protocol a credit rating.
Sky-backed projects have also made their way into yield-generating real-world asset offerings. Obex said in March it would allocate $1 billion across credit, energy and artificial intelligence assets to expand stablecoin yields.
Plasma, which co-led the round, is building a stablecoin-centric blockchain. Last year, its token sale was oversubscribed, raising $373 million.
