tl;dr
Crypto yield marketplace Superform announced the launch of SuperUSDC, a "set and forget" product for earning high yield on Circle's stablecoin. SuperUSDC offers automated, non-custodial yield management and is the first in Superform's line of SuperVault products. The platform also raised $3 million ...
Crypto yield marketplace Superform has launched SuperUSDC, a "set and forget" product for earning high yield on Circle's stablecoin. This offering provides automated, non-custodial yield management and marks the first in Superform's line of SuperVault products.
The platform has also secured $3 million in strategic funding, with VanEck Ventures leading the investment. Despite not being available to U.S. residents, there is optimism for regulatory shifts around stablecoins and DeFi.
The total market cap of stablecoins has surged to $200 billion in 2022, with Tether's USDT at $139 billion and Circle's USDC at $41 billion. Circle Ventures participated in Superform's $6.5 million seed funding round in November 2022.
Superform aims to build products aligned with trustworthy industry actors, avoiding the creation of additional trust assumptions.
SuperUSDC offers DeFi users automated, non-custodial yield management and is the first in Superform's line of SuperVault products. The release follows critical feedback from over 100,000 digital wallets interacting with the platform.
Superform Labs raised $3 million in strategic funding led by VanEck Ventures. This investment represents the first from the $30 million fund launched by the global asset manager.
While not available to U.S. residents, there is bipartisan hope for the eventual passage of a federal framework for stablecoins. Regulatory shifts under the President-elect could potentially bolster DeFi, prompting Superform to anticipate a surge in stablecoin growth.
Stablecoins are pegged to the price of a fiat currency, such as the U.S. dollar, and have found increasing use as a form of payment and collateral on DeFi platforms.
The total market cap of stablecoins has grown to $200 billion from $130 billion since January 2022, with Tether’s USDT at $139 billion and Circle’s USDC at $41 billion.
Circle Ventures participated in Superform’s $6.5 million Seed funding round in November 2022, which was led by Polychain Capital and saw participation from BitMEX co-founder Arthur Hayes.
Despite the caution surrounding high returns on stablecoins, Superform remains optimistic about providing substantial returns while aligning with reputable actors in the industry.
"We've been burned so many times by stablecoins and yield-bearing products that aren't managed properly," said Superform Labs co-founder and CEO Vikram Arun. "I think it's really important for us to align with good actors and build products that anybody can verify on-chain and don’t create additional trust assumptions."