Decentralised finance is built on the idea of a system that is free from traditional circuits and government control. It is even one of the founding principles of the ecosystem. Yet the product that has established itself as a pillar of DeFi is stablecoin, an asset that, in its dominant version, remains largely centralised.
The main market capitalisations - led by USDT and USDC - are based on bank reserves controlled by private entities, which are themselves subject to state rules. The solidity of these stablecoins therefore depends directly on the traditional financial system and the internal governance of the issuers.
Algorithmic stablecoin attempts, for their part, are struggling to convince. The case of UST, backed by the Terra/Luna ecosystem, remains the most emblematic of a model that has failed to maintain its anchorage to the dollar.
Decentralised alternatives, backed by crypto collateral, have not been massively successful. With the exception of DAI, attempts have often run into anchor losses, despite complex mechanisms meant to prevent this risk.
>> Report stablecoins 2024: an ever-richer ecosystem
What Resolv proposes Launched in September 2024, Resolv is a DeFi protocol that seeks to introduce a new form of stablecoin. Its ambition: to create the USR, a stable asset billed as the first delta-neutral stablecoin backed exclusively by cryptoassets.
To achieve this, the protocol relies on a three-token architecture, designed to work in a complementary way.
USR: a delta-neutral stablecoin backed by cryptoactives At the heart of Resolv's architecture is USR, a stablecoin designed to maintain 1:1 parity with the dollar, without direct recourse to fiat currencies. To achieve this, the protocol relies on a delta-neutral strategy and a basket of collateral consisting mainly of BTC and liquid derivatives of staked ETH (wstETH, weETH, wbETH, apxETH).
The principle is as follows: for each unit of BTC or ETH deposited, Resolv opens an equivalent short position. This mechanism neutralises the effect of volatility: if asset prices fluctuate, losses or gains on short positions offset these movements, maintaining a stable collateral value.
This strategy, already used by other protocols such as Ethena with the USDe, aims to ensure that each USR issued is backed by a dollar value, without the need for a traditional bank reserve. In addition, Resolv also incorporates stable assets such as USDC, USDT and the Superstate USCC tokenised fund, which gives exposure to US Treasury bills or highly liquid equivalents.
USRs can be issued or redeemed at any time via the protocol interface. The USR token does not produce a return as such, but can be converted into stUSR, its remunerative version. Holders of stUSR receive interest from the income generated by the management of the collateral. Since April 2024, this return has averaged 8.66% annualised.
RLP: the junior tranche of the collateral structure Another fundamental element of the protocol, the RLP (Resolv Liquidity Pool) acts as a safety net to stabilise the value of USR. The collateral held by Resolv is overcollateralised in relation to USR in circulation. To date, this over-collateralisation rate stands at 161.8%. The excess portion forms the basis of the RLP.
Each RLP token represents a fraction of this excess reserve, composed mainly of BTC and ETH. Its value varies according to the price of the underlying assets and the position adjustments made by the protocol. When a user issues or withdraws RLP, the quantity of collateral exchanged is calculated from the current price of the token.
The RLP is structured as the junior tranche of a tranching model, in which the USR occupies the senior tranche. In the event of a market shock or extreme instability, the RLP absorbs any initial losses, thereby protecting the parity of the stablecoin. This mechanism spreads the risk across several hierarchical levels and provides security for users with the greatest exposure to volatility.
In return for this protective role, RLP holders receive a larger share of the profits generated by managing the reserve. These revenues come in particular from arbitrage on funding rates and the delta-neutral strategies put in place.
RESOLV: a governance token for progressive use The last pillar of the ecosystem, the RESOLV token enables users to participate in the governance of the protocol. By staking it to obtain stRESOLV, holders can vote on key decisions and changes to the protocol's parameters.
The distribution of the one billion RESOLV tokens follows a spread over time:
10% were allocated to an airdrop launched at the Token Generation Event (TGE) on 27 May 2025. Allocation depended on user activity on the protocol, such as holding USRs, stUSRs or RLPs. 40.9% is for community and ecosystem incentives, with a 24-month phased release. 26.7% goes to the founding team and contributors, with a one-year cliff followed by a 30-month linear vesting. 22.4% is reserved for investors, who are also subject to a one-year cliff and linear vesting over two years. A business model based on collateral performance Unlike companies such as Circle or Tether, whose income comes from investing reserves in traditional assets, Resolv adopts an alternative model.
The protocol is remunerated by taking a commission on the profits generated by the active management of its collateral, notably through ETH staking revenues and arbitrage linked to short positions on derivatives markets.
These gains are redistributed every 24 hours - a period known as an "epoch" - according to a distribution key defined between the various participants in the ecosystem.
The distribution is structured as follows:
70% - Base Reward This share is paid to stUSR holders and RLP liquidity providers in proportion to their contribution. It constitutes the main incentive mechanism for users who support the stability of the protocol. 30% - Risk Premium Exclusively intended for RLP holders, this share rewards their role in absorbing systemic risk. By bearing the junior tranche, they take on greater exposure in the event of protocol losses, and in return receive an increased portion of the profits. 0% - Protocol Fees At present, no fees are retained by Resolv itself. The aim is to maximise returns to accelerate adoption and growth in total locked-in value. This policy may evolve as the protocol becomes more sustainable. It should be noted that performance is not guaranteed. When a loss is recorded on an epoch - for example due to unfavourable funding rates or sudden market movements - it is fully absorbed by the RLP. In this case, no return is paid to stUSR holders or to the protocol over the period concerned.
Experienced team at the helm The Resolv protocol relies on a trio of founders with backgrounds rooted in traditional finance and cutting-edge technology. Ivan Kozlov, a physics and mathematics engineer by training, has over a decade's experience in structuring derivatives for investment funds. He is joined by Tim Shekikhachev, formerly of Citi Bank and KPMG, who spent most of his career at VTB Capital, eventually becoming its CEO. He also headed structuring at Moscow Credit Bank. Long-time collaborators, Tim Shekikhachev and Ivan Kozlov have already worked together in several financial structures.
The third founder, Fedor Chmilev, completes the team with a more technical profile. A software engineer, he worked at Yandex and Revolut before co-founding a healthcare start-up with Ivan Kozlov. Their new collaboration at Resolv continues this entrepreneurial dynamic.
Financing marked by institutional backing To launch the protocol, Resolv raised more than $10 million in a funding round led by Cyber Fund and Maven11. Several well-established players in the ecosystem participated in the deal, including Coinbase Ventures, Arrington Capital, Animoca Ventures, Ether.fi and Flowdesk.
The raise was also open to the community via the Legion and Echo platforms, allowing individual users to partner with institutional investors in the start-up phase.
Competition: a market dominated by centralised giants With a capitalisation of $220 million, USR currently ranks 25th among stablecoins, just behind the GHO developed by Aave. On a global scale, the stablecoin market is worth around $250 billion, largely dominated by USDT and USDC. These two assets alone account for more than 86% of market share, with a combined outstanding value of more than $217 billion.
If we focus on the narrower segment of decentralised stablecoins - backed by crypto assets or using algorithmic mechanisms - USR ranks 10th, with 1.1% share for a capitalisation of $220 million. This segment is now worth around $20 billion, dominated by three projects: Ethena's USDe, MakerDAO's DAI, and USDS. These three stablecoins alone account for 72% of capital.
In terms of approach, Ethena's USDe is positioned as Resolv's most direct competitor. Like USR, it uses a delta-neutral strategy and collateral made up of cryptoassets (BTC, ETH, LSTs, SOLs and stablecoins). USDe is currently the most capitalised decentralised stablecoin, with nearly $5.9 billion in assets. It has a collateralisation rate close to 101%, giving it less room to manoeuvre in the event of market stress.
>> Ethena (ENA): Issuer analysis of the USDe stablecoin
In an environment marked by user caution towards decentralised stablecoins, following several past collapses, Resolv will have to convince on several fronts. Its ability to maintain the stability of USR, develop its liquidity on the markets, and integrate with the major DeFi platforms will be decisive in expanding its market share.
Systemic risks to be closely monitored Like any stablecoin backed by crypto assets and based on a complex architecture, USR remains vulnerable to unforeseen market disruptions. If its parity with the dollar were to break, a loss of confidence could trigger massive capital outflows, putting further pressure on the protocol.
The main risk lies in the reversal of the funding rate. If the market becomes predominantly bearish and short positions become dominant, the costs of maintaining these positions increase. The RLP, which bears these costs, would then see its returns fall. Holders of stUSR, whose profits depend on gains from the collateral pool, could then turn to other, better-performing stablecoins, such as USDT or USDC. If this situation continues, some positions could be liquidated, affecting the soundness of the system as a whole.
Although the protocol is not directly dependent on the banking system, it is not entirely free of counterparty risk. As with other decentralised stablecoins, the exchanges and institutional custody solutions used to store assets or execute strategies can present a point of fragility. In the event of a failure or suspension of withdrawals, collateral assets could be temporarily inaccessible.
The Resolv public dashboard allows the current asset allocation to be viewed.
To date, 100% of assets are held between the treasury wallet and Ceffu, an institutional custody solution. No assets are therefore directly exposed on the exchange platforms. However, this allocation will need to be monitored carefully, particularly in times of stress when some platforms may restrict access to funds.
The platforms used to execute futures are another point of vigilance. Today, more than 60% of positions are open on Binance and 39% on Hyperliquid. If there were to be a temporary freeze on withdrawals, the profits made (PNL) could be frozen, delaying their redistribution to stUSR and RLP holders.
Finally, the RLP was designed to absorb the first losses in the event of an extreme shock. In this type of scenario, its holders would therefore be the most exposed, in order to preserve the stability of the USR and avoid contagion to the entire protocol.
The Big Whale's opinion Resolv has put in place an architecture designed to contain systemic risks. With RLP as a line of defence, an active governance token (RESOLV) and multi-chain compatibility, the protocol has the strengths to become a lasting part of the DeFi ecosystem.
However, its equilibrium remains dependent on the smooth functioning of delta-neutral strategies and a relatively stable market environment in terms of funding rates. A prolonged downturn or sudden reversal in the latter could weigh on the protocol's overall performance, reducing returns and triggering unfavourable capital movements.
Like any project that is still in its infancy, Resolv will have to prove its resilience over time. While the trajectory embarked upon since 2024 is attracting growing interest, there is still a long way to go before it can compete with the sector's benchmarks, starting with Ethena, USDC or USDT.
