This report tracks publicly announced capital going into stablecoin-adjacent businesses from January 2024 through mid-May 2026. Each entry is segmented into primary product categories: issuers, settlement chains, payment APIs, neobanks, and treasury infrastructure. It is written for startup builders, fintech staff, and institutional asset allocators, and assumes no prior familiarity with the crypto landscape.
Only rounds with a disclosed funding amount are included. The totals in this report should be read as a lower bound rather than a complete picture.
Note: The report extends to all funding events including IPO, M&A, Strategic Investments, and VC rounds.
Anvesan is a stablecoin think tank doing focused research on stablecoin infrastructure, regulation, and policy. Each report is designed for fintech operators, enterprises, policymakers, and market participants building on stablecoin rails.
111 publicly announced, source-verified funding events across stablecoin-adjacent companies, January 2024 through May 14, 2026. Each record carries amount, date, round type, stage, segment, investor list, and source URL. Top 25 entries cross-verified against at least two primary sources. The $5.02B headline is a floor: undisclosed strategic checks and unannounced rounds are excluded.
Stablecoin funding has two distinct categories. A tiny institutional tier captures most of the capital through infrastructure megabets. A sprawling early-stage layer captures most of the smaller deals. TradFi is moving fast and taking equity positions on the rails it expects to run on.
52.8% of all disclosed capital is in the top five deals.
Two markets coexist inside the same sector. A thin tier of institutional megabets captures the majority of dollars. A sprawling early-stage layer captures the majority of deals. The two are converging on different vintages.
The top 10 deals account for 65% of disclosed capital. 95% of the total funding are distributed among 62 deals.
2026 is running ahead of 2025 on a same-period basis. Through mid-May, 2026 funding totals exceed the equivalent window in 2025.
Circle's IPO, Tempo's Series A, and Ripple's strategic round together account for $2.05B, more than half of 2025's total. Excluding those, the funding growth is still noticeable, but less staggering.
The ecosystem is simultaneously getting younger and older. Seed-stage activity is the densest part of the pipeline. Capital concentration has migrated decisively to Series A and later, with one IPO and one token presale on the very top end.
The bulk of Stablecoin L1 capital was allocated in 2025, concentrated into a six-month window. Zero deals in 2024, and just one in 2026: Circle's Arc at $222M, far below the 2025 peak. Meanwhile cards, wallets, and neobanks went from a small share of 2025 to commanding the most 2026 capital so far.
The investor base is wide but thin. 73% of the investors in our dataset only invested in one single deal. The prevalent names in the space are a small group of repeat-player allocating across virtually every segment and vintage, with TradFi entrants now stacking on top.
Two TradFi names appeared in 2024, both pre-existing crypto-adjacent crossover investors. More than twenty new TradFi names made their first stablecoin bet in 2025. The 2026 escalation moves further up-market: BlackRock, ICONIQ, DST Global, QED Investors, Left Lane, Barclays. These checks are primarily funding equity in SWIFT-adjacent settlement plumbing, not tokens.
Coinbase Ventures, Dragonfly, and Galaxy Ventures stand apart by deal count. Tether, Castle Island, Haun Ventures, and Ribbit Capital form the next tier. Below that, the long tail of single-deal participants.
171 of 234 investors show up once. Though the ecosystem looks broad on paper, it's very much concentrated in practice. Most capital allocators are one off, coming in from adjacent deals.
Ten firms account for the majority of the investor activity across the dataset. Click any card to expand the full portfolio of investments.
Five lenses on what the funding data tells central banks, finance ministries, and senior policymakers. Each pairs a load-bearing number with the regulatory implication.
The toolkit available to non-US central banks for managing capital flow controls diminishes in direct proportion to USD stablecoin adoption.
A failure cascade triggered by a single L1 settlement or clearing layer would propagate downstream. Regulators should assess CCP-analogue stress testing.
Finance ministries should track not just which currency a stablecoin represents, but who owns the company processing the transaction.
Aggregate minority stakes create undisclosed operational dependencies between regulated institutions and unregulated stablecoin infrastructure companies.
Frameworks will need to extend issuer-conduct rules to cover conflicting stakes across critical layers of the stack. Deep vertical integration in a single issuer can create cascading effects.
Not predictions. Structural implications the data already supports. The four vectors most likely to define the next 12 to 18 months.
Expect more growth and late-stage rounds, an acceleration of ICONIQ-tier crossover money, and at least one IPO candidate to emerge inside this segment within the next 12 months.
Mortality and bridge financings should rise sharply in 2026 to 2027. The survivors will absorb disproportionate capital. Watch for the first batch of true seed-to-A graduates in the back half of 2026 to set the conversion benchmark for the cohort.
Only one notable L1 deal in 2026 so far, coming from a frontrunner. The next viable entry vector is application-layer or vertical-purpose chains co-built with an issuer, not generalist new L1s.
Asset managers (BlackRock, Apollo, Ark Invest, Janus Henderson, Marshall Wace) arrived through Circle's Arc round in May 2026, while custody banks (BNY, State Street, Northern Trust) entered through reserve and tokenization products, not equity. Strategic rounds will continue to grow as their preferred disclosure-avoidance vehicle.
The 25 largest disclosed funding events across the period. Full dataset is available on request.
| # | Company | Round | Date | USD M | Lead / selected investors |
|---|---|---|---|---|---|
| 01 | Circle | IPO | Jun 2025 | 1,050 | NYSE listing, public offering |
| 02 | Tempo | Series A | Oct 2025 | 500 | Greenoaks (lead), Thrive, Sequoia, Ribbit |
| 03 | Ripple | Strategic | Nov 2025 | 500 | Fortress (lead), Citadel Securities, Pantera, Galaxy, Brevan Howard, Marshall Wace |
| 04 | Erebor | Series B | Dec 2025 | 350 | Lux (lead), 8VC, Founders Fund, Haun |
| 05 | Rain | Series C | Jan 2026 | 250 | ICONIQ (lead), Bessemer, Norwest, Dragonfly, Galaxy |
| 06 | Circle / Arc | Token presale | May 2026 | 222 | a16z (lead), BlackRock, Apollo, ICE |
| 07 | RedotPay | Series B | Dec 2025 | 107 | Goodwater (lead), Pantera, Blockchain Capital, Circle Ventures, HSG |
| 08 | ZeroHash | Series D-2 | Sep 2025 | 104 | Interactive Brokers (lead), Apollo, Morgan Stanley, SoFi |
| 09 | OpenFX | Series A | Mar 2026 | 94 | Accel, Atomico, Lightspeed Faction, M13, Northzone, Pantera |
| 10 | Mesh | Series B | Mar 2025 | 82 | Paradigm (lead), Consensys, PayPal Ventures (PYUSD settlement) |
| 11 | KAST | Series A | Mar 2026 | 80 | QED & Left Lane (co-leads), HongShan Capital, Peak XV Partners, Coinbase Ventures |
| 12 | Rain | Series B | Sep 2025 | 75 | Sapphire Ventures, Galaxy Ventures, Lightspeed |
| 13 | ARQ / DolarApp | Series B / growth | 2025 | 70 | Sequoia, Brevan Howard Digital, Kaszek, Founders Fund |
| 14 | Hercle | Seed + credit | 2025 | 60 | F-Prime, Exponential Science, Fulgur Ventures |
| 15 | BPN | Series A | 2025 | 50 | Benchmark (sole) |
| 16 | BVNK | Series B | Dec 2024 | 50 | Haun, Coinbase Ventures, Tiger Global, Scribble Ventures |
| 17 | KUN / KUN Global | Series A / strategic | 2025 | 50 | BAI Capital, GSR Ventures, HashKey Capital |
| 18 | M^0 | Series B | 2025 | 40 | Bain Capital Crypto, Galaxy, Polychain, Ribbit, Wintermute |
| 19 | Bridge | Series A | 2024 | 40 | Sequoia, Index Ventures, Ribbit, Haun |
| 20 | Pave Bank | Series A | 2025 | 39 | Accel, Quona, Tether Investments, Wintermute |
| 21 | Conduit | Series A | 2025 | 36 | Dragonfly, Altos Ventures |
| 22 | M^0 | Series A | Jun 2024 | 35 | Bain Capital Crypto, Galaxy Ventures, Wintermute Ventures, GSR |
| 23 | MetaComp | Strategic | 2025 | 35 | CWT International, Green Lake |
| 24 | WSPN | Seed | 2025 | 30 | Folius Ventures, Foresight Venture |
| 25 | OpenTrade | Strategic | 2025 | 28 | a16z Crypto, Mercury Fund, Notion Capital, CMCC Global, AlbionVC |