This week's ownership coins briefing covers MetaDAO's inaugural Owners Meeting in San Francisco, Credible Finance next to raise on MetaDAO, MetaDAO's proposal to move $2M of treasury into Solomon's USDv, and a new proposal from Loyal.

Ownership Coin Market Snapshot

  • Total Ownership Coin Market Cap: $120M
  • Total Ownership Coin Treasury Value: $31M

Ownership coin financials, decision market and token data sourced from 01Resolved.

Key Takeaways

MetaDAO’s Inaugural Owners Meeting in San Francisco

MetaDAO held its first Owners Meeting in San Francisco on July 10, hosted by Colosseum. Founders, builders and owners flew in from around the world, including the godfather of futarchy himself, Robin Hanson, alongside speakers from Pantera Capital, Blockworks, Colosseum, Theia, Ownership Ventures and more.

The inaugural event was built around the questions the category is still working out. A founder panel asked why teams chose to launch an ownership coin over the traditional funding route, an investor panel asked how funds actually underwrite an ownership coin, and a pre-ICO panel asked when the right time to launch an ownership coin is. Proph3t walked through MetaDAO's origin story and new program updates, and Umbra, Solomon, Laso, and JurassicFi each gave keynotes. 01Resolved presented Fundamentals Data for Ownership Coins, arguing that opacity gets priced as risk and that an open financial record will set the standard that the rest of crypto will follow.

Credible Finance Receives $2.3M Soft-Commits

Credible Finance is set to become the next MetaDAO curated raise on July 13. Credible is a payments company that works like Stripe for US businesses selling into emerging markets. The company already has roughly $700M in payment volume processed and a ~$3.5M revenue run rate.

The fundraising page on MetaDAO notes Credible aims to raise between $2M to $4M. Venture funds have already soft-committed ~$2.3M of the $4M maximum which earns them priority allocation.

Proph3t laid out the thesis plainly. Credible is run by exited founders, has grown 29% month over month for six months, and would reach a ~$17M revenue run rate if it repeats that over the next six, all against a $9M maximum valuation. He was equally direct on the risks, that regulation is both Credible's biggest moat and its biggest risk, that emerging market regulators are unpredictable, and that a capital intensive business like this will likely need to raise again.

MetaDAO Plans to Propose $2M Treasury Allocation into Solomon's USDv

MetaDAO will propose allocating $2M of its treasury to Solomon's USDv, the first treasury to adopt Solomon's yield-bearing dollar. MetaDAO sees Solomon's infrastructure as an opportunity to make its treasury dollars productive while keeping governance control over the underlying assets.

USDv is Solomon's productive dollar, a stablecoin that earns yield on its reserves. For MetaDAO, whose treasury holds ~$11.9M, the move puts a slice of otherwise idle stablecoins to work without giving up custody or control. Solomon's USDv program cleared its audit this week, with Accretion completing a review of the core program ahead of launch.

This is the shift the market has been waiting on. Solomon spent months on audits, legal setup, and regulatory positioning, the kind of slow work that left $SOLO trading at a ~15% to ~20% discount to NAV until yesterday. In June's Ownership Coin Monthly we read that discount as the market pricing timing and execution risk. With the audit cleared and MetaDAO moving to adopt USDv, the gap has since narrowed to roughly 5%.

Other ownership coin updates