Level Announces Official Debut of its DeFi Yield Stablecoin, Raises Additional $2.6M from Dragonfly to Unlock Permissionless Finance
Summary
Levels lvlUSD, Powered by 100% DeFi Yield, Rapidly Grows to Over $80M Market Cap in Five Months of BetaNEW YORK, March 18, 2025 /PRNewswire/ -- Peregrine Exploration, a blockchain development and research company, today announced the official debut of USD (lvlUSD), an innovative stablecoin with DeFi-native yield, and an additional $2.6 million in strategic funding led by repeat investor, Dragonfly, to accelerate its mission to unlock permissionless finance. Level dramatically minimizes counterparty and operational risk by relying on decentralized sources of yield with excellent track records of reliability, and automating reserve management with audited and open-sourced smart contracts.Levels lvlUSD is fully collateralized by fiat-backed stablecoins such as USDC and USDT, which are supplied on blue-chip lending protocols like Aave to generate yield. "With integrations across the most robust DeFi protocols, Level is an innovative stablecoin designed to provide sustainable, on-chain yield, and minimize the centralized counterparty and operational risk faced by many competitors. "Weve backed the Level team since their early days and are thrilled to double down in this strategic round," said Tom Schmidt, general partner at Dragonfly. ""Since our initial investment, weve been consistently impressed by Levels innovation in the stablecoin space," said Sven Wellmann, Researcher at Polychain.