Safe Investor Greenfield Capital Asks Swiss Regulator to Step In Over Board Governance

Greenfield Capital, an investor in Safe, says it has filed a supervisory complaint with Switzerland’s Federal Supervisory Authority for Foundations (ESA). The firm wants changes to the board of the Safe Ecosystem Foundation after months of talks failed to settle its concerns. In an open letter to the Safe community on Sunday, founding partner Jascha Samadi said his firm had been increasingly worried since early 2025 about Safe’s performance against the wider market and the lack of independent voices on the board. After more than a year of research, dialogue and patience, he wrote, Safe will not reach its potential under its current governance.

Safe Revenue Targets vs Actual Results

The dispute lands while Safe is aiming for break-even and a doubling of revenue in 2026. In February, the project reported more than $10 million in annualized revenue at the end of 2025, with a longer-term goal of $100 million in annual recurring revenue by 2030. Greenfield points out that second-quarter revenue of $1.98 million equals an $8 million annual run rate, far below the $20 million expected for 2026.

Safe Total Value and Stablecoin Share Decline

Samadi says total value held in Safe accounts dropped from $66 billion to $30 billion between January 2024 and August 2026, a fall of more than 50%, while total DeFi value locked grew 40%. Over the same period, stablecoin supply rose about 135%, yet stablecoins held in Safes on Ethereum grew only 11%, and Safe’s share of USDC in circulation slid from 12.8% to 2.5%. In his words, Safe has been losing ground for two and a half years in the category best suited to self-custody.

Safe Foundation Board Conflict of Interest Claims

Samadi blames much of this on a shortage of independent board members with experienced decision-making. He also alleges conflicts of interest involving board member Stefan George’s role at Gnosis and fellow member Richard Meissner’s ties to companies that build and run Safe products.

Greenfield says it spent months urging the foundation to replace George and add independent, externally recruited members with skills in finance, risk management and business strategy. It now wants the Swiss watchdog to review the foundation’s governance and decide whether corrective measures are needed.