Key facts
- Greenfield Capital filed a complaint with Switzerland's ESA regarding Safe Ecosystem Foundation's governance.
- The investor cited concerns over Safe's performance, revenue growth, and board composition.
- Greenfield claims Safe's total value held in accounts dropped from $66B to $30B between Jan 2024 and Aug 2026.
- Safe's share of USDC in circulation fell from 12.8% to 2.5% over the same period, according to Greenfield.
- Greenfield alleges conflicts of interest involving board members Stefan George and Richard Meissner.
- Safe is targeting break-even and a doubling of revenue in 2026, aiming for $100 million ARR by 2030.
Greenfield Capital, an investor in the Safe ecosystem, has escalated a governance dispute by filing a complaint with Switzerland’s Federal Supervisory Authority for Foundations (ESA). The firm stated its decision follows months of unsuccessful engagement aimed at resolving concerns about the Safe Ecosystem Foundation's board structure and decision-making.
In an open letter to the Safe community, Greenfield founding partner Jascha Samadi expressed increasing concern since early 2025 regarding Safe's performance relative to the broader market and a perceived lack of independent voices on the foundation's board. Samadi believes that Safe will not achieve its full potential under its current governance.
Greenfield highlighted that between January 2024 and August 2026, the total value held in Safe accounts decreased from $66 billion to $30 billion, a decline of over 50%. This occurred while the total value locked in decentralized finance (DeFi) grew by 40% and the total stablecoin supply increased by approximately 135%. Specifically, stablecoins held in Safe accounts on Ethereum grew by only 11%, and Safe's share of U.S. dollar-backed stablecoin USDC in circulation dropped from 12.8% to 2.5%.
Samadi attributed these challenges to a lack of independent board members with significant decision-making experience. He also alleged conflicts of interest concerning board member Stefan George's role at Gnosis and fellow board member Richard Meissner's involvement with companies developing and operating Safe products. Greenfield had previously requested the foundation restructure its governance, replace George, and add independent members with expertise in finance, risk management, and business strategy. The firm now seeks the ESA's examination of the foundation's governance and potential corrective measures.