Untangled Credio
Relevant entity background and key qualifications of the nominated individual.
Untangled is a credit investment infrastructure builder. Our products include Untangled Pool, a private credit onchain securitisation platform, Credio, a decentralized risk oracle and curator, and Untangled Vault, a non-custodial vault protocol built on ERC-4626 and Safe wallet standards.
Untangled is backed by Fasanara Capital, an institutional asset manager based in London focusing on fintech private credits and delta neutral trading. Our team has extensive experience in credit risk management, RWA, lending protocol smart contract development.
- Manrui Tang: (Linkedin) Cofounder, TradFi and worked in blockchain since 2017, ex-Big 4, with degrees from Imperial College and LSE.
- Quan Le: (Linkedin) Cofounder, TradFi and worked in blockchain since 2017, ex-Big 4, Master’s degree in applied finance and investment.
Together Manrui and Quan have 30 years experience working with financial institutions in Asia, Australia, Europe and Africa on financial audit and risk assurance, M&A due diligence and strategy development.
This application is for Credio to contribute to the Ethena Foundation Risk Committee.
A statement of intent outlining why you are applying and how you intend to fulfill the committee’s purpose.
We have long identified with Ethena’s thesis for internet money as the crypto’s killer app. We became both holders of ENA and users of USDe. If the 2024 roadmap sets out the vision for Ethena’s end game of Money, Network and Exchange, the 2025 Roadmap details the steps towards that vision, building on the great achievements of 2024.
Big bets such as iUSDe, regulated wrapper of USDe, is where Untangled Credio can bring value given our expertise and network.
In summary, we bring complement skills other to other members with our
- Asset and risk management expertise
- RWA/tokenization experience
- Network of financial institutions
Since we began this journey in 2017, our focus has always been bridging financial institutions and RWAs to DeFi. We believe that we can contribute positively (specifically in relation to asset managers and private credit funds) to the Ethena roadmap in 2025.
Details of previous involvement with Ethena, if applicable.
Apart from holding ENA and USDe, we have not been involved with Ethena so far.
Prior to the release of Ehena’s 2025 roadmap, we actually sent in an “Apply to build” proposal regarding integrating USDe into a liquidity solution we are launching called USDyc. USDyc is a yield coin backed by stablecoins, tokenized money market funds and ultra short duration private credits. We use USDe as both a yield source and a payment medium, allowing financial institutions to tap into blockchain native yield and to offer stablecoin payment facility using USDe for their customers. Please refer to this deck for more information on how USDyc would support USDe’s use cases relating to saving and cross-border payment.
Evidence of expertise or value to the committee
Apart from experience mentioned above we also developed stablecoin risk management framework and a Credio risk oracle streaming machine learning model predicting stablecoin depegs and zero knowledge proofs directly to smart contracts
Launched Karmen Pool, a tokenized private credit pool on Celo for a French SME lending fintech
A conflict-of-interest declaration
None