Resolv

• Resolv issues USR, a stablecoin backed by ETH and BTC held in a delta-neutral position rather than by fiat reserves.

• Short futures positions offset the price risk of the crypto collateral, with funding rates providing yield.

• RESOLV is the governance token; RLP is a separate token that absorbs first losses.

• Supply allocated across community distribution, ecosystem and team.

• The two-token structure separates governance from risk absorption.

Pros:

• Backing is crypto-native rather than dependent on banking relationships.

• The insurance layer explicitly bears losses before the stablecoin does, which most designs leave implicit.

• Yield comes from funding rates rather than emissions.

Cons:

• Delta-neutral stablecoins depend on perpetual funding rates staying positive; sustained negative funding erodes backing.

• The strategy requires exchange positions, so it carries centralised exchange counterparty risk.

• The model is young and has not been tested through a prolonged bear market.

• Exposure to a crypto-collateralised stablecoin that avoids banking dependency.

• The explicit loss-absorbing layer is a genuine design improvement.

• Understand that funding-rate yield is not risk-free and can invert.

• A separate token that absorbs losses before the stablecoin is affected, making the risk hierarchy explicit rather than implied.

• Fiat-backed stablecoins depend on banks that can and do cut off crypto issuers.

• Delta-neutral crypto collateral removes the bank while introducing funding-rate and exchange risk instead.

• Founded by Ivan Kozlov and Tim Shekikhachev.

• Backed by Cyber Fund, Coinbase Ventures and others.

• No public ICO. Distributed through a points campaign and Binance ecosystem programmes in 2025.

• Negative funding rates directly erode the backing of the stablecoin.

• Positions are held on centralised exchanges, so exchange failure is a live risk.

• The insurance layer can be exhausted in a severe event.

• Short operating history through varied market conditions.