Project Overview
Core Narrative: Create an integrated stack of 'cross-chain token infrastructure + stablecoin protocol'.
On one end is cross-chain trading and settlement infrastructure (Relay, Swap, NFT aggregation API), while on the other end is the stablecoin suite rUSD/srUSD/trUSD, emphasizing multi-collateral, cross-chain minting and redemption, transparent reserves, and profit sharing.
Product
Stablecoin suite
rUSD: A stablecoin for payments and applications;
srUSD: Interest-bearing 'liquid' stable asset, with yield from underlying collateral and RWA;
trUSD: Term-type yield stable asset;
Supporting PSM (stable pool) and reserve proof/oracle system, disclosing reserve and feed price sources.
Cross-chain and trading infrastructure
ReservoirRelay: Cross-chain bridging and atomic swap routing;
ReservoirSwap: DEX/token API for applications;
ReservoirNFT: Full-chain NFT marketplace and aggregation interface (previously served Coinbase, MetaMask, Magic Eden, Zora, etc.).
Highlights
Integrated Stack: The same team provides trading infrastructure and stablecoin protocols, reducing reliance on third-party services.
Cross-chain minting and redemption: Both the official documentation and CMC state that rUSD/srUSD support cross-chain minting and redemption, enhancing accessibility and liquidity.
Transparency: Public reserve proof and contract address documents, disclosure of oracle and risk assumptions; also lists audit and risk control materials.
Ecosystem Endorsement: Long-term provision of capabilities to infrastructure sides such as Coinbase, MetaMask, MagicEden, etc.; financing side receives support from well-known institutions like USV, Variant, Archetype, Coinbase Ventures, Square Peg, etc.
Financing Situation
2021: Pre-seed approximately $2 million, led by Variant.
2022: Seed approximately $10 million, led by Archetype.
2025-02-05: Series A $14 million, led by Union Square Ventures (USV), with participation from Coinbase Ventures, Variant, Archetype, 1kx, Square Peg, etc.; USV partner Nick Grossman joins the board.
Total financing approximately $26 million.
Project Valuation
Not publicly disclosed
Team and Founder Background
Founder/CEO: Peter Watts.
Formerly CTO of Props (YouNow), and head of the YouNow platform, co-founded Swarm.fm (music/app direction) in earlier years.
Undoubtedly a serial entrepreneur, but no official or media disclosure of 'successful exits/listings' or other objective achievements found.
Economic Model
Detailed disclosures, etc.
Investment Logic
1. Dual-track integration (cross-chain infrastructure + stablecoin protocol)
2. The scale of stablecoins starts off significantly
rUSD circulation is approximately $62 million, with TVL around $29 million (main protocol caliber).
3. Investment from well-known institutions
Several established funds including USV, Variant, Archetype, Coinbase Ventures, 1kx, Square Peg, etc., participated in the Series A round.
4. Long-term service for top clients
The Reservoir tool has served Coinbase, MetaMask, Magic Eden, Zora, etc.
5. Relatively high transparency
Reserve proof, oracle