TechFlow reports on July 9 that Satoshi Protocol, a stablecoin project in the Bitcoin ecosystem, announced the completion of its seed round. The $2 million funding round was co-led by CMS Holdings and RockTree Capital, with participation from Cypher Capital, Side Door Ventures, Optic Capital, Metalpha (NASDAQ: MATH, a Bitmain subsidiary), Outliers Fund, Comma3, and angel investors Paul Taylor (ex-BlackRock) and Yenwen Feng (Perpetual Protocol).
Satoshi Protocol is the first over-collateralized stablecoin protocol in the Bitcoin ecosystem. Users can deposit BTC and BTC-based interest-bearing assets such as LSTs to mint the dollar-pegged stablecoin $SAT at a collateralization ratio of 110%, and then earn yield through trading, liquidity pools, lending, and other use cases. Since launching three months ago, the protocol has been officially deployed on BEVM and Bitlayer mainnets, and is also integrated with testnets including BOB, Botanix, B², Anduro (incubated by MARA), and Omni Network for closed testing.
The team is actively expanding SAT stablecoin use cases and has reduced minting interest rates to 0% to encourage users and projects to co-build the BTC ecosystem. In a recent announcement, Satoshi Protocol revealed it is developing a Runes-based stablecoin on the Bitcoin mainnet, and through collaborations with projects like Omni Network, aims to bridge the Bitcoin and Ethereum ecosystems to realize its vision of a "cross-chain stablecoin."
