Osero, a stablecoin yield 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 a release.
Stablecoins have grown to more than $300 billion, according to DeFiLlama data. Most returns from the assets backing these stablecoins still go to issuers like Circle and Tether, leaving holders with no direct returns and fintech companies with limited ways to offer stablecoin savings products without managing assets themselves.
Osero launches three products. Osero Earn, which allows wallets, neobanks, custodians and exchanges to integrate the Sky Savings Rate into their own interfaces. Osero App, which gives users direct access to the price across chains, and Osero Foundry, which gives asset managers and structured product issuers a way to bring return products onchain.
Osero Earn is meant to be integrated with about 10 lines of code, according to the company. The product directs deposits to 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 capacity for anchor funding, swap liquidity and lending liquidity. Each deployment will go through a Basel III-inspired risk review, Osero said.
The $13.5 million raising will fund the capital requirements for Osero’s first Foundry allocations. The capital will be used to underwrite the first cohort of deployments under the risk framework used for the Sky Protocol assessment process.
Sky, formerly MakerDAO, has expanded the balance and distribution network around USDS and sUSDS. Sky received a B rating from S&P last year, in the first credit rating the agency assigned to a DeFi protocol.
Cloud-backed projects have also pushed into yield-bearing real-world asset products. Obex said in March it was deploying $1 billion in credit, energy and AI assets to expand stablecoin yields.
Plasma, which co-led the round, is building a stablecoin-focused blockchain. Its token sale pulled in $373 million last year in an oversubscribed sale.
