Level issues lvlUSD, a stablecoin designed to generate yield exclusively from decentralized on-chain protocols rather than centralized yield sources. lvlUSD is fully collateralized by fiat-backed stablecoins (USDC and USDT) supplied to blue-chip lending protocols like Aave and will begin earning yield on Morpho in the coming weeks. Since its beta launch in Q4 2024, lvlUSD's market capitalization has grown to over $80 million and protocol TVL to $96 million, with more than 10,000 institutional and retail users. The protocol is integrated with Pendle, Spectra and LayerZero and can be used as collateral on Morpho, supporting expanded utility and scale. Level emphasizes on-chain transparency, audited and open-sourced smart contracts, and reducing counterparty and operational risk relative to stablecoins that tokenize centralized yields. The team plans to accelerate integrations and scale sustainable, institutional-grade DeFi-native yield offerings. Peregrine Exploration is a New York City–based blockchain development and research company led by CEO David Lee. The firm is developing Level, the protocol behind Level USD (lvlUSD), a stablecoin backed by restaked dollar tokens. lvlUSD is designed to let users provide economic security with their dollar tokens and earn restaking yield without exposure to cryptocurrency price volatility. The company intends for lvlUSD to be used across DeFi as a novel stablecoin primitive. Peregrine contributes research and development to digital asset projects and is using new funding to advance its protocol work. The article reports a $3.6M funding round to support these efforts.

Total raised

$6M

Funding rounds

2

Latest round

Equity

Latest activity

Mar 2025