Investors including Dewhales, Profluent Ventures back Aegis as it develops the first fully transparent yield-generating stablecoin
TORTOLA, British Virgin Islands–(BUSINESS WIRE)–Aegis, a startup developing a bitcoin-backed stablecoin independent from the fiat banking system, 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 successful investments in leading companies, including Uniswap, Stellar, Sky (formerly known as MakerDAO), Paradigm, Deribit, BCB, GVol (Amberdata), Hidden Road, xAI, and Apptronik.
Founded in 2024, Aegis has developed YUSD, the first bitcoin-backed stablecoin designed with real-time transparency and complete independence from the fiat banking system. It has a unique yield mechanism similar to Ethena, but without any of the risks associated with USDT.
The YUSD stablecoin is intended to protect savings from fiat hyperinflation and will provide an easy-to-use platform that enables access to DeFi and instant liquidity of funds through a partnership with Riverside Hedge. The Aegis founders are seasoned financial industry experts from leading investment and trading firms, with decades of experience managing risks in volatile markets.
“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,” said Ermin Sharich, a co-founder of Aegis. “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.”
YUSD maintains stability by opening a delta-neutral position and sells BTC-margined perpetual contracts equal to its Bitcoin exposure. No staking is required to accrue yields; users need only to hold YUSD and register their wallet in the Aegis system to start earning. To maintain transparency, holders can 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.
“Although many stablecoins claim to be crypto-native, we were attracted to Aegis because of its true independence from fiat and existing stablecoins,” said Gatis Eglītis, an Aegis investor and co-founder of Exante, the firm that launched the world’s first Bitcoin hedge fund. “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.”
Aegis will utilize its 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 investment will also help fund the insurance pool and Aegis team expansion. To learn more, visit aegis.im.
About Aegis
Aegis, led by a team of financial industry experts from leading investment and trading firms, develops web applications on the Ethereum blockchain that enable users to manage YUSD. YUSD is a Bitcoin-backed stablecoin with real-time transparency, built-in yield generation, and complete independence from the fiat banking system. Aegis is backed by Dewhales, Profluent Ventures, and other leading crypto investors.
Contacts
Matt Brannon
matt.brannon@wachsman.com
