Greenfield Capital, an investor in Safe, announced in an open letter on Sunday that it has filed a supervisory complaint with the Swiss Federal Supervisory Authority for Foundations (ESA), seeking changes to the board of the Safe Ecosystem Foundation after months of unsuccessful discussions on governance issues.

Investor Questions Safe's Revenue Outlook for 2026

The governance dispute has intensified amid Safe's targets to reach break-even and double its revenue in 2026. In February, the project reported more than $10 million in annualized revenue by the end of 2025 and stated a long-term goal of achieving $100 million in annual revenue by 2030. According to Greenfield, $1.98 million in revenue for the second quarter corresponds to an annual pace of about $8 million—significantly below the expected $20 million for 2026.

Share of Assets in Safes Declines Despite Market Growth

Greenfield claims that from January 2024 to August 2026, the total value of assets in Safe accounts fell from $66 billion to $30 billion (a drop of more than 50%), while overall DeFi TVL grew by 40%. Over the same period, the total supply of stablecoins increased by about 135%, but the volume of stablecoins in Safes on the Ethereum network grew by only 11%, and the share of USDC in circulation held in Safes dropped from 12.8% to 2.5%.

Board Demands and Potential Conflicts of Interest

According to Greenfield, the project lacks independent board members with decision-making experience. The firm points to potential conflicts of interest related to board member Stefan George's role at Gnosis and the connections of another board member, Richard Meissner, with companies developing and operating Safe products. For months, the investor has pushed for governance restructuring—replacing George and expanding the board with independent external members with expertise in finance, risk management, and strategy.

Swiss Regulator Review

Greenfield is asking ESA to review the foundation's corporate governance and determine whether corrective measures are needed.