The Block
Safe and Ethena partner to boost USDe on multisig walletsJan 2026Partnership
*/ Safe Ecosystem Foundation
QUARTERLY REPORT
First Quarter 2026
April 23, 2026
*/ Q1 2026 at a glance
Safe's inaugural quarterly report opens on a record-breaking quarter. Account creation, transaction count, and revenue all hit new highs in Q1. In USD terms, transfer volume is stable. Normalized for ETH price fluctuation, transfer volumes are actually up. The self-custody layer beneath the onchain economy is decoupling from market conditions.
Read the Q1 2026 announcementTotal Safes
61.1M
accounts
↑ +3.7%
New Accounts
+2.21M
accounts
↑ Q1 net new
FY 2025 Revenue
$10M+
USD
↑ +5x YoY
Transfer Volume
4.78M
ETH / month
↑ +25%
Letter
Opening Letter
The first quarter of 2026 saw us surpass 60 million Safe smart accounts and continued monetization momentum, with annualized recurring revenue crossing $10 million at the close of 2025. Safe's adoption and usage continue to grow fundamentally, outperforming broader industry and macro sentiment.
The Q1 numbers tell a clear story. ETH-denominated transaction volume grew 25% quarter-over-quarter. In Q1 alone, 122.9 million total transactions were processed through Safe. In that same period, 2.21 million net new Safe accounts were created.
But numbers alone rarely explain why something is happening.
Across the globe, the conversation around ownership, sovereignty, and counterparty risk is more prominent than ever. The question of who ultimately controls assets, and under what conditions, is no longer theoretical. Safe is well-positioned here as a leader in self-custody.
Smart accounts are emerging as the architecture that makes this possible at scale, with easy UX and security. Today, Safe secures more value than any other protocol in DeFi (excluding liquidity protocols), and approximately 2% of the $340 billion global stablecoin market is held in Safe accounts. As digital assets become part of the global financial infrastructure, the systems that safeguard them will matter enormously.
GDP will move onchain, and a meaningful share of it will move through smart accounts.
Safe{Labs} introduced a euro-denominated yield product in partnership with Société Générale's SG-FORGE and Morpho. The vault reached $9 million in EURCV deposits by quarter-end. This is the first institutional EUR savings product of its kind in self-custody. Across internal teams and partners, 40+ product and ecosystem updates were shipped collectively. This kind of progress is easy to overlook when looking only at metrics, but it is the foundation that makes those metrics possible.
Safe has always been more than a single product. It is an ecosystem of developers, researchers, companies, and contributors working toward a shared vision of making self-custody usable and secure. Despite market headwinds, the Safe ecosystem is gaining incredible momentum, with continued growth in product usage and revenue and network effects taking shape across the 200+ EVM networks.
Lukas Schor
Co-Founder, Safe · President, Safe Ecosystem Foundation
The Q1 numbers tell a clear story. ETH-denominated transaction volume grew 25% quarter-over-quarter, with 122.9 million total transactions processed and 2.21 million net new accounts created.
As digital assets become part of the global financial infrastructure, the systems that safeguard them will matter enormously. GDP will move onchain, and a meaningful share of it will move through smart accounts.
Milestones
Feb 2026
$9M institutional EURCV vault
Safe{Labs} launched the EURCV vault natively in Safe{Wallet} in late February alongside Société Générale's SG-FORGE and Morpho/Steakhouse. The euro-denominated yield product became the top deposit asset in the native Earn tab within days. By quarter-end, the vault held $9M in EURCV deposits.
Protocol Metrics
Safe in Context
Safe is not a protocol within DeFi - it is infrastructure beneath much of it.
Revenue
Capital Stewardship
Foundation Treasury
The Foundation Treasury program, managed by Hecate Ventures AG, operates two complementary mandates: deploying treasury stablecoins into DeFi yield strategies and monetising SAFE token holdings via structured products. The program prioritises principal protection, diversification across independently audited protocols, and sustainable yield above prevailing market benchmarks.
Deployed
$13M
at Q1 close
Active Positions
14
across 3 networks
Portfolio APY
5.5–6.0%
range across Q1
vs Benchmarks
150–200bps
above Q1 benchmark range
Benchmark Context
Portfolio APY remained above prevailing Q1 benchmark yields while staying diversified.
Prevailing Q1 yield benchmarks ranged from 2.5% to 4.2% across Aave V3, Sky Savings Rate, and Franklin FOBXX. The portfolio's 150-200bps outperformance reflects diversification across strategy types rather than concentration in any single protocol.
January
Joint Treasury wind-down completed
The kpk Joint Treasury mandate was formally wound down via the Hecate-Gnosis OTC transaction, consolidating assets directly under the Foundation and eliminating approximately 1M SAFE per year in external management fees.
Q1
Hecate Ventures strengthened for Q2
Hecate Ventures onboarded a new management team during the quarter, strengthening institutional asset-management capability heading into the next allocation cycle.
Across Our Teams
Safe Foundation2
Q1 2026 is the Foundation’s first public quarterly report, establishing a consistent transparency cadence with backers, ecosystem partners, and the broader community.
Safe Labs3
Creditcoin and Worldchain added in Q1, and Aurora renewed at expanded terms. Each chain activation carries day-0 API support, Safe{Wallet} deployment, and a new network support revenue contract.
Safe Research3
A medium-severity nonce-overflow bug in the Allowance Module was disclosed, patched, and independently re-audited. $30K bounty paid. No accounts were affected at discovery. Module v1.0.0 is live.
Read morePR & Ecosystem
Press
The Block
Safe reports fivefold revenue jump in 2025Feb 2026Analysis
The Block
Safe integrates Morpho vault to earn yield using EURCVFeb 2026Product Update
Metaverse Post
Safe Foundation and World Foundation: 5-year token swapFeb 2026Partnership
CoinDesk
Stripe-led Tempo goes live with protocol for AI agentsMar 2026News
Ecosystem
Société Générale-FORGE (EURCV) & MorphoSafe{Labs} launched a euro-denominated yield product on February 25, enabling Safe users to deposit SG-FORGE’s MiCA-compliant EURCV stablecoin into a Morpho vault curated by Steakhouse Financial, the first institutional EUR savings product in self-custody.
Hypernative (Safe Shield)Safe Labs embedded Hypernative Guardian’s real-time risk engine into Safe{Wallet}, screening every transaction against 300+ risk types before execution, targeting enterprise teams managing over $10M in assets.
Hyperliquid (Safe Standard)Hyperliquid’s HyperEVM joined the Safe Standard on March 5, 2026, confirming its foundation treasury and critical controls run on Safe{Wallet} infrastructure, alongside Polygon, Base, Optimism, Arbitrum, MegaETH, and Ink by Kraken.
Tempo (Stripe/Paradigm)Tempo, the Stripe- and Paradigm-backed payments blockchain, integrated Safe{Wallet} on March 27, enabling institutional treasury teams to manage assets with programmable multisig approvals and stablecoin-denominated fees.
Safe Developer Platform (Authenticated APIs)Safe launched Authenticated API Access and usage-based plans on February 24, offering four tiers for developers from experimentation through enterprise-grade workloads.
Candide (OpenSig)Candide launched OpenSig, an independent, trust-minimised transaction verification layer for Safe Wallet enabling clear-signing support for hardware wallets.
ENS + Filecoin + SafeSafe, ENS, and Filecoin are collaborating on a decentralised frontend infrastructure stack combining ENS naming, Safe multi-sig governance, and Filecoin verifiable storage, making DeFi frontends trustless and user-owned.
OWNOWN (formerly PWN) launched non-custodial DeFi mortgage infrastructure built on Safe, Aave, and ether.fi, enabling users to borrow against onchain collateral via fully self-custodied accounts.
JOINSafe Foundation and JOIN entered a 5-year SAFE token-based investment on March 19, the second partnership in Safe’s 5M SAFE Ecosystem Alignment Program. JOIN builds treasury operating system infrastructure natively on Safe.
AmbireAmbire launched Safe account support in its browser extension on March 26, allowing users to import existing Safe multisig accounts, batch transactions, and interact with 500+ apps across all EVM networks.
Looking Ahead
Q2 2026 Outlook
Strategic priorities and roadmap targets for the upcoming quarter.
Priority 01
Safenet
A decentralized transaction security network will enforce protocol-level security before a Safe transaction can execute, replacing centralized warning systems and offchain heuristics with cryptographic attestations verified onchain.
Priority 02
Safe Labs: Roadmap
Safe Labs is building Safe Cheshire in collaboration with the Ethereum Foundation, a privacy workstream bringing native confidentiality to smart account transactions. Safe for Enterprises is a dedicated product effort aimed at institutional teams needing streamlined onboarding, permission management, and compliance tooling built natively on Safe.
Read Rahul's full thread ->Priority 03
Quantum Secure Safes
Safe Research has seeded a proof-of-concept for quantum-resistant Safe accounts. The work explores how to adapt Safe's signing layer to post-quantum cryptographic standards without breaking composability or backward compatibility across the 200+ EVM networks Safe supports. With $35B+ in assets secured, the cryptographic foundations Safe relies on today need to hold in a post-quantum world.
Priority 04
Events
Safe was at EthCC in Cannes on April 2, 2026. Safe will be at DappCon in Berlin, June 16–17, 2026.
Priority 05
Revenue & Monetization
New network contracts and enterprise renewals secured in Q1 extend Safe Labs' revenue base into Q2. The API developer platform moves to active billing, with early subscribers already enrolled.
Priority 06
Treasury
In Q2, the team is evaluating additional regulated onchain instruments, including tokenized equities and structured products, as part of a broader diversification strategy.
Disclaimer
This quarterly report has been prepared by the Safe Ecosystem Foundation for informational purposes only and does not constitute investment advice, an offer to sell, or a solicitation of an offer to purchase any securities, tokens, or financial instruments.
Forward-looking statements in this report, including projections about protocol growth, revenue, partnerships, and product development, involve known and unknown risks and uncertainties. Actual results may differ materially from those expressed or implied by such statements. Cryptocurrency and digital asset markets are highly volatile, and past performance does not guarantee future results.
The SAFE token is a governance and network security token. This report does not constitute a prospectus, offering document, or financial promotion of any kind. Recipients are advised to seek independent professional advice as appropriate.