USDC (USDC)

This should be the most outrageous soft rug team I've ever seen:

The same team, the same project, two shells, each completed one round of financing; the old shell raised $12 million, the new shell raised $15 million.

Before the old shell ceased operations, it diverted traffic to the new shell; now both have collapsed, and neither issued a token.

2022.12:
@perenniallabs announced the completion of a $12 million seed round;

2024:
Launched the Petals points program, with TVL once exceeding $18 million before a sharp crash;

2025.12:
@cascade_xyz announced the completion of a $15 million seed round (almost the same investors as Perennial);

2026.01:
Cascade launched a pre-deposit points scheme, oversubscribed more than threefold, with a total of $26 million USDC deposited;

2026.05-06:
Perennial officially announced cessation of operations;
Cascade's official account has not updated for over a month, suspected to have fled.

At this point, the ones I feel most sorry for are the community members who deeply participated in the points and pre-deposit activities.

Selected for note's official "note Money" award, marking the 28th time overall.

Moreover, the editorial team saw it as "an article discussing Circle (the issuer of USDC)" and featured it on note's "Circle Internet Group" page.

The "99% dollar‑denominated" hegemony map was highlighted as the face of the theme.

Thanks to everyone reading 🙏

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