Aegis, a company developing a bitcoin-backed stablecoin independent from the fiat banking system, announced it has emerged from stealth with a $2 million fundraise led by on-chain DAO Dewhales and supported by Profluent Ventures and prominent angel investors with track records of investments in leading companies, including Uniswap, Stellar, Sky (formerly known as MakerDAO), Paradigm, Deribit, BCB, GVol (Amberdata), Hidden Road, xAI, and Apptronik.
Launched last year, Aegis has developed YUSD, the first Bitcoin-backed stablecoin designed with real-time transparency and complete independence from the fiat banking system. And it has a unique yield mechanism similar to Ethena, but without any of the risks associated with USDT.
The YUSD stablecoin is supposed to protect savings from fiat hyperinflation. It will provide an easy-to-use platform that enables access to DeFi and instant liquidity of funds through a partnership with Riverside Hedge. And the Aegis founders are seasoned financial industry experts from leading investment and trading firms, with decades of experience managing risks in volatile markets.
YUSD maintains stability by opening a delta-neutral position, and it sells BTC-margined perpetual contracts equal to its Bitcoin exposure. No staking is required to accrue yields as users only need to hold YUSD and register their wallet in the Aegis system to start earning. To maintain transparency, holders are able to access detailed information about APY calculations, view its proof-of-reserves panel displaying custodial vaults with collateral assets, and monitor its open market positions on various exchanges.
Aegis will utilize the pre-seed investment to prepare for the launch of YUSD in Q1 of this year and initiate integrations with industry-leading protocols, liquidity pools, and lending providers. The funding will also help fund the insurance pool and Aegis team expansion.
KEY QUOTES:
“In the stablecoin landscape, there is an overall lack of transparency, vulnerability to crypto market risks, and an absence of easy-to-access yield generation mechanisms. Our goal with YUSD is to protect users’ wealth from many financial risks while offering value generation, timeless rewards, and a commitment to transparency in Aegis operations. Backed by experienced traders who deeply understand digital asset markets, our solution aims to address the common challenges in the industry today.”
– Ermin Sharich, a co-founder of Aegis
“Although many stablecoins claim to be crypto-native, we were attracted to Aegis because of its true independence from fiat and existing stablecoins. At Exante, we look for projects that have the opportunity to not only offer a top-tier product, but revolutionize how an industry operates, and I believe Aegis fits the bill.”
– Gatis Eglītis, an Aegis investor and co-founder of Exante, the firm that launched the world’s first Bitcoin hedge fund
