Stabledash Live · · 24 min
How Osero Raised $13.5M to Manage Sky Ecosystem's $15B On-Chain Balance Sheet
With 
Piotr Saczuk
Key takeaways
Osero closed a $13.5M seed round led by Sky, with Plasma participating.
As one of five whitelisted Sky prime agents, Osero could deploy up to $2.5B of Sky's balance sheet into institutional-grade assets, Saczuk says.
Saczuk says Sky's risk framework draws on Basel 3, with over $70M of junior risk capital set to absorb agent losses before users.
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Summary
StableWatch founder Piotr Saczuk is moving from analysing stablecoin risk to allocating part of what he calls the biggest balance sheet on chain.
Osero, a new prime agent in the Sky ecosystem, has raised a $13.5M seed round led by Sky with participation from Plasma. Founder Piotr Saczuk, who also runs Stablewatch, says the agent could deploy up to $2.5B of Sky's balance sheet into institutional-grade assets.
A dual mandate
Saczuk says Osero is one of five whitelisted parties in the Sky ecosystem known as prime agents, a role that used to be called maker agent. He describes a dual mandate: widening access to Sky's USDS and Savings USDS products, and managing part of the balance sheet through Osero Foundry.
He calls Savings USDS the biggest yield-bearing stablecoin product in the market. Retail users will be able to reach it through the Osero App, which is not live yet. Saczuk says he hopes it will go live "very, very soon."
“Deep research is not suited to help you manage financial risk”
Piotr SaczukScale and safeguards
Saczuk puts Sky's on-chain balance sheet at around $15 billion, the biggest on chain, and says more than $4B of its backing is mostly USDC. He says the risk framework is inspired by Basel 3, the banking regulation introduced after the 2008 crash. By his count, over $70M of junior risk capital sits in the system to absorb losses if an agent misallocates funds.
From research to risk
Stablewatch started as a data and research shop. Saczuk says Plasma was its first big partner and is now a co-investor in the Osero round. He says StableWatch began contributing to Sky on data and risk around November 2024. It also built internal models such as StableScene, a Monte Carlo simulation that shows in which market scenarios a protocol would default.
Saczuk says Stablewatch now indexes almost all yield coins so it can cover the whole yield market. It has also launched StableWatch Memo, a research format on the overlap between TradFi and DeFi. He says the team flagged Stream Finance early as a black box run by "a few guys on a multisig."
Saczuk urges the media to ask where yield comes from and to point out when projects go wrong. He argues that TradFi firms have already passed an inflection point and now run on-chain setups instead of only testing them, and he expects the two worlds to merge very soon. With Osero, he is betting that this shift will need managed, risk-framed allocation.
Sky, Stablewatch, Stream Finance, and Moody's come up most.
- People
- Piotr Saczuk
- Companies
- Sky
- Stablewatch
- Stream Finance
- Moody's
- Osero
- BNP
- Aleph Zero
- Dfns
- S&P
- VSTL Angels
