March 2026 Recap:
- General:
- Parallel v3.2:
- After internal deliberations and discussions with key shareholders and DAO members regarding the protocol’s future direction, it seems clear that agentic payments will play an increasingly significant role in global transactions over the next few years, driven by agents’ need to access data and make payments without credit cards, particularly via the x402 and MPP protocols. This market is currently 99% dominated by USDC. We therefore believe there is an opportunity to quickly capture market share. We have thus begun immediate development of Parallel v3.2 (and paused certain other ongoing development projects) in order to enter this market as quickly as possible. This will be our focus for Q2 and Q3 2026
- Note: This does not mean we are halting all DeFi development; there is still growing demand for on-chain yield, primarily from institutions (B2B), which is currently our main focus in terms of growth. Demand on the B2C side is at an all-time low, and we have not targeted this market since launch.
- Focus is on USDp Growth & Parallel v3.2
- Due to the global economic situation, we are seeing many companies in the ecosystem facing layoff plans and reducing their growth and incentive budgets. This has resulted in fewer potential deals.
- Parallel v3.2:
- Protocol:
- Smart Contracts:
- Parallel v3.2: Work in Progress
- USDp, Flashloan Module & Bridging Module are deployed on 8 additional chains, currently in testing phase (few issues with LayerZero, they are working on fixes). Will be publicly released in April
- Backend:
- Savings USDp (sUSDp) Integration: MVP Live, pending Parallel v3.1 deployment to be deployed in production.
- USDp backing rebalancing Keepers: Single chain rebalancers MVP live internally, working on stability and security. Crosschain rebalancers coming next.
- Parallel API: V2 completed (was needed to prepare agentic payments)
- Parallel SDK: V1 completed, currently gradually implemented in the app (was needed to prepare agentic payments)
- Parallel MCP: Work in Progress
- Frontend:
- Borrow page: Addition of Euler in progress. (delayed to focus on Parallel v3.2)
- Transparency Dashboard: Transparency Dashboard V2 work in progress, will include more details related to the backing & supply of USDp as well as associated risk of it. (delayed to focus on Parallel v3.2)
- Mint page:
- Discussions ongoing to give users the possibility to mint & burn USDp on any chain in one transaction, including chains where the Parallelizer Module is not deployed. (delayed to focus on Parallel v3.2)
- Routing: reworked routing to provide better prices. Native mint/burn is now considered as an aggregator, no more need to click ‘Mint Preferred’ to get routed via native mint/burn. (delayed to focus on Parallel v3.2)
- Others:
- PIP-64 l Sunset USDp Parallelizer & Savings Module on Sonic approved by the DAO. Parallelizer & Savings Module are now deprecated on Sonic.
- Hypernative is now securing Parallel V3 across all deployed instances of the protocol.
- Smart Contracts:
- Growth & Marketing:
- Growth Metrics:
- USDp supply at ATH (+10.66% MoM) with around 3.84M in supply. More details available here.
- Ads:
- Spindl Campaigns:
- Metrics Overview:
- Total Impressions: 421.8k
- Total Clicks: 3.2k
- CTR: 0.75%
- Total Conversions: 3.2k
- Total Spent: $3k
- Publishers:
- Coinbase Wallet
- Bitget Wallet
- Kucoin Wallet
- Metrics Overview:
- Spindl Campaigns:
- Growth Metrics:
- Integrations:
- DEX Aggregators:
- In discussion with additional DEX aggregators to natively integrate USDp mint/burn & stake/unstake contrats
- DEXs Protocols:
- New USDp/USDC live on HyperEVM in collaboration with HypurrFi & Clearstar. More details available here.
- Lending Protocols:
- DEX Aggregators: