Participated · Seed · Sep 2025

Flying Tulip’s core product is ftUSD, a delta-neutral stablecoin designed to maintain stability through on-chain mechanisms that let holders redeem tokens for their original contribution (e.g., ETH) at any time. All Flying Tulip (FT) tokens are sold at $0.10 with a capped fully-diluted valuation of $1 billion, and the token structure includes a perpetual put that enables continuous liquidity for investors. The project has attracted significant demand, garnering soft commitments of roughly $1.6 billion even though it expects to accept only about $400 million in upcoming whitelist rounds. In October, Flying Tulip closed a $200 million seed round, and its recent raises have lifted total funding to $225 million. The team has already collected $25.5 million in a Series A token round and $50 million through Impossible Finance’s Curated platform, and it has earmarked another $200 million allocation for an upcoming CoinList sale. Management plans additional whitelist rounds to reach a combined $1 billion target raise. With billions of dollars of interest already logged on Impossible Finance and CoinList, the fundraising is likely to be oversubscribed, underscoring strong market appetite for the ftUSD model.