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.
Methodology
157 publicly announced, source-verified funding events across stablecoin companies and adjacent
infrastructure, January 2024 through mid-May 2026. Each record carries amount, date, round type, stage,
segment, investor list, and source URL. The set spans venture rounds, strategic investments, token sales,
IPOs, and M&A. Every record was independently re-verified against primary sources and named press.
The $10.69B total is a floor: undisclosed strategic checks, unannounced rounds, and undisclosed-price
acquisitions are excluded.
Stablecoin capital splits in two. A handful of acquisitions, listings, and megarounds hold most
of the dollars; a sprawling seed layer holds most of the deals. The largest single category is no
longer venture at all. It is M&A, which TradFi is using to buy its way onto the rails it expects to run on.
Dataset: 157 funding events$10.69B disclosed132 entitiesUpdated May 14, 2026
Funding events
157
Publicly announced, source-verified rounds
Disclosed capital
$10.69B
Floor, not ceiling. Undisclosed rounds excluded.
Unique entities
132
Companies and protocols across the stack
Largest category
$4.65B
Across 10 acquisitions: the single largest capital type
The Dataset
Capital deployed per quarter, split by segment
Disclosed funding across all 157 events. Q1 2026 is the biggest quarter at $2.95B, lifted by the Mastercard/BVNK acquisition. Q2 2026 covers April and the first half of May only.
$10.69B over 10 quarters
Source: Stablecoin Company Funding Tracker. Bar heights show disclosed capital per quarter.
Anvesan
Core Finding
Acquisitions, not venture rounds, are now the largest source of stablecoin capital:
$4.65B across 10 deals.
Mastercard/BVNK ($1.8B) and Stripe/Bridge ($1.1B) top the table. M&A is 43% of all disclosed capital, more than every venture round combined.
Section 02 · Structure
Shape of the capital
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.
2.1 · Concentration
The ten largest events hold two-thirds of all capital
The ten largest single events account for 66% of disclosed capital; the top five for 48%. Three of the four
biggest are acquisitions, a category the venture-only lens misses entirely.
Chart 01
Top 10 deals by disclosed capital
USD millions, by single event. The five largest are shaded. M&A and IPO now occupy the top of the table.
$10.69B Total
Sources: Bloomberg · Reuters · Coindesk · The Block · Company filings
Anvesan
2.2 · Acceleration
2026 is running ahead of 2025
2026 is running well ahead of 2025 on a same-period basis. The gap is real but amplified by one deal:
the $1.8B Mastercard/BVNK acquisition lands in Q1 2026. Stripping M&A, capital is still up roughly 245%.
Chart 02
January through May: 2025 vs 2026
Apples-to-apples year over year. 2026 capital is inflated by the Mastercard/BVNK acquisition; the event count is the cleaner momentum signal.
+110% events · +514% capital
2025 Jan to mid-May
2026 Jan to mid-May
Funding events
Disclosed capital
Source: Stablecoin Company Funding Tracker, Anvesan
Anvesan
2.3 · Composition
M&A is the largest capital type
Acquisitions account for $4.65B across 10 deals, more than all venture equity combined ($3.19B). IPOs add
$1.05B (Circle) and token sales $0.8B. The venture market the sector usually measures is under a third of the
real capital flow.
Chart 03
Disclosed capital by type
USD millions across the full period. M&A, absent from most trackers, is the single largest category.
$4.65B in M&A
Source: Stablecoin Company Funding Tracker, Anvesan
Anvesan
2.4 · The buyers
Who is buying the rails
Ten acquisitions account for $4.65B, the single largest slice of stablecoin capital. Card networks, exchanges,
and payment platforms are buying issuers and infrastructure outright. Tap any deal for the detail.
Mastercard→BVNK
$1.8BMAR 2026
Click for detail
Up to $1.8B (incl. ~$300M contingent). Largest stablecoin M&A to date. BVNK's venture rounds already in dataset.
Stripe→Bridge
$1.1BOCT 2024
Click for detail
Announced Oct 2024, closed Feb 4 2025. Bridge Series A already in dataset.
Payward/Kraken→Reap Technologies
$600MMAY 2026
Click for detail
HK stablecoin payments + card firm; cash-and-stock up to $600M. In-window (May 7).
Solowin Holdings→AlloyX
$350MSEP 2025
Click for detail
HK stablecoin payments/tokenization infra; all-stock merger at $350M valuation.
Polygon Labs→Coinme + Sequence
$250MJAN 2026
Click for detail
$250M+ to build a regulated stablecoin payments stack.
Acquisition by a core stablecoin issuer; >$100M. (Paxos also bought stablecoin issuer Membrane Finance in Feb 2025, undisclosed.)
MoonPay→Iron
$100MMAR 2025
Click for detail
Stablecoin API infra; reported 'at least $100M' (not officially disclosed).
Stripe→Privy
UndisclosedJUN 2025
Click for detail
Wallet infra; price undisclosed (~$230M val).
2.5 · Bifurcation
Seeds dominate the count. M&A and late stage dominate the dollars.
The ecosystem is getting younger and older at once. Seed-stage rounds are the densest part of the pipeline at
37% of all events. Capital, though, concentrates in M&A (43% of dollars) and in Series A and later, with one
IPO and a cluster of token sales on the top end.
Chart 04
Stage mix: deal count vs disclosed capital
Percentage share of each.
37% of deals are seed
Share of deal count
Share of disclosed capital
Source: Stablecoin Company Funding Tracker, Anvesan
Anvesan
2.6 · Migration
Payments leads every year. Cards surged in 2026. L1 peaked in 2025.
Payments and remittance is the largest segment across the period at $4.3B, inflated in 2024 and 2026 by the
Bridge and BVNK acquisitions. Stablecoin L1 capital concentrated into 2025 and has zero new raises in 2026.
Cards, wallets, and neobanks climbed from $30M in 2024 to over $1B in 2026.
Chart 05
Capital by segment, by year
USD millions. Segments shown: top five by total capital across the period.
L1 window closed
2024
2025
2026 YTD
Source: Stablecoin Company Funding Tracker, Anvesan
Anvesan
58→34
A Series A wall is forming.
58 seed-stage rounds versus 34 confirmed Series A rounds across the full period, plus 10 pre-seeds behind them.
A large 2024 to 2025 seed cohort will graduate, fold, or extend bridges in the next 12 to 18 months. The capital
tier above is well-fed, but the conversion rate is yet to be seen.
Section 03 · Capital sources
Who is writing the checks
The investor base is wide but thin. Roughly three-quarters of the investors in the dataset backed only one deal.
The names that recur are a small group of repeat players allocating across virtually every segment and vintage,
with TradFi entrants now stacking on top.
3.1 · TradFi entry
The floodgate opened in 2025
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.
Chart 06
First-time TradFi investors in stablecoin companies, by year
Count of new TradFi names making their first stablecoin-ecosystem equity bet.
~40 entrants in 18 months
Source: Anvesan analysis of investor lists across 157 funding events
Anvesan
3.2 · Repeat players
Three investors have gone all in
Coinbase Ventures leads at 20 deals. Tether and Galaxy Ventures follow at 12 each, then Dragonfly at 11.
Castle Island, Lightspeed, and a16z form the next tier. Below that, the long tail of single-deal participants.
Chart 07
Most active investors by deal count
Top 15. Coinbase Ventures lead with a wide margin.
Top 15 most active firms
Source: Investor Index, Stablecoin Company Funding Tracker
Anvesan
3.3 · The Long Tail
76% of named investors appear in exactly one deal.
245 of 321 investors show up once. Though the ecosystem looks broad on paper, it is concentrated in practice. Most allocators are one-off, arriving from an adjacent deal.
3.4 · Vertical Integration
Tether is running a full-stack distribution moat
Tether appears as an investor across every layer of the stablecoin distribution stack. Counted properly, that
is 12 disclosed deals, six of them as lead. None of its portfolio companies compete with USDT; every bet sits
in the layer that moves, holds, or routes the asset.
07Institutional tokenization
KAIO: application-chain rails for asset managers to issue, redeem, and transfer tokenized fund shares (Hamilton Lane, BlackRock, Brevan Howard, Laser Digital).
06Merchant payments
Oobit: consumer crypto and stablecoin tap-to-pay app.
05Cards and wallets
Belo: Argentine wallet, one of the first crypto Mastercard issuers in LatAm, expanding across Mexico, Chile, Colombia, Peru, Bolivia, and Paraguay.
04FX and settlement
Axiym, t-0 Network: distributed treasury and cross-border settlement layer across 140+ countries, plus USDT-powered settlement rails for licensed financial institutions.
03Commercial banking
Pave Bank: commercial bank with embedded stablecoin rails (Accel led the round, Tether Investments joined).
02On/off-ramp
Mansa: emerging-market liquidity and on/off-ramp across LatAm, SEA, and Africa.
01L1 settlement chain
Stable, the Bitfinex-backed chain with USDT as gas, with Plasma in the same orbit on a more mixed cap table.
Strategic read: issuer, investor, and distributor in one entity group. Beyond the layers above,
Tether also led Speed, Utexo, Ark Labs, and a $100M strategic round in Anchorage Digital, and backed TransFi:
12 deals in all. Recent vintages concentrate in LatAm, Abu Dhabi, and emerging-market corridors. The regulatory
question is whether vertical control of the rails that carry USDT sits inside or outside any framework now drafted.
3.5 · Stealth Operators
Five companies raised $50M+ with limited public profile
Tempo
Series A · Oct 2025
$500M
$5B valuation
Greenoaks (lead), Thrive, Sequoia, Ribbit
Erebor
Series B · Dec 2025
$350M
$4.35B valuation
Lux (lead), 8VC, Founders Fund, Haun
OpenFX
Series A · Mar 2026
$94M
Seed to A in 10 months
Accel, Lightspeed, Kleiner Perkins, Spark
KAST
Series A · Mar 2026
$80M
SEA cards, low profile
QED & Left Lane (co-leads), DST, HongShan
BPN
Seed · 2025
$50M
Single lead
YZi Labs (sole)
Section 04 · Top investors
The repeat players, deal by deal
Ten firms account for the majority of the investor activity across the dataset.
Click any card to expand the full portfolio of investments.
Section 05 · Policy
What it signals for policy
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.
01 · Dollar dominance
100%
Of stablecoins in the dataset are USD-denominated
Private markets have no incentive to build competing reserve-currency rails
No EUR, GBP, JPY, or CNY issuer appears at meaningful scale. The lone non-USD raise (Schuman, a euro
stablecoin) is under 0.1% of total sector capital. The LatAm dollar-substitution corridor is entirely
US-capital-controlled, led by Sequoia, Founders Fund, and Brevan Howard.
Implication
The toolkit available to non-US central banks for managing capital flow controls
diminishes in direct proportion to USD stablecoin adoption.
02 · Systemic concentration
2 → 90%+
Of stablecoin L1 capital sits in just two companies
No SIFI-style supervision attaches to the largest stablecoin infrastructure
The ten largest events hold two-thirds of all capital, and the two biggest L1 raises (Tempo, Ripple) are 91%
of L1 funding. ZeroHash is embedded as white-label settlement infrastructure for multiple regulated US
financial institutions simultaneously. None face the liquidity, capital adequacy, or resilience standards
applied to SIFIs.
Implication
A failure cascade triggered by a single L1 settlement or clearing layer would
propagate downstream. Regulators should assess CCP-analogue stress testing.
03 · Geopolitical capital
16%+
Of deals carry Chinese-origin capital, concentrated in SEA payments
USD-denominated asset, non-US-aligned ownership of the rails
Chinese-linked capital appears in roughly one in six deals, dispersed across several segments. Within that, a distinct cluster is in SEA-facing payments and card rails: KAST, co-led into by HongShan's Singapore arm, alongside KUN and WSPN. The LatAm corridor is US-controlled. Africa skews European and Visa. Middle East sovereign capital is largely absent from this dataset.
Implication
Finance ministries should track not just which currency a stablecoin represents,
but who owns the company processing the transaction.
04 · TradFi optionality
~40
First-time TradFi entrants in 18 months
Minority stakes designed to capture upside without triggering BHC restrictions
BlackRock, Citadel, Fortress, Morgan Stanley, and Apollo are taking minority
stakes in infrastructure that could route around their existing business lines.
PayPal and Visa Ventures are watching stablecoin rails potentially displace
their core products and investing accordingly.
Implication
Aggregate minority stakes create undisclosed operational dependencies between
regulated institutions and unregulated stablecoin infrastructure companies.
05 · Vertical integration
12 deals
Disclosed Tether-backed deals across the stack, six as lead
Issuer, investor, and distributor concentrated in one entity group
Tether is the only major issuer investing across nearly the full stack: 12 disclosed deals spanning an L1
chain (Stable, Plasma), on/off-ramps (Transak), a commercial bank (Pave Bank), custody (Anchorage), FX and
settlement (Axiym), cards (Belo), and payments (Oobit, Speed, Utexo, Ark Labs). It led six of the twelve.
Implication
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.
Section 06 · Forward look
Where this is heading
Not predictions. Structural implications the data already supports. The four
vectors most likely to define the next 12 to 18 months.
01
Cards, wallets, and neobanks are mid-cycle.
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.
02
The 2024 to 2025 seed cohort is heading into a Series A wall.
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.
03
Stablecoin L1 is closed to new entrants.
Zero new L1 raises in 2026 so far, after the category peaked in 2025. The next viable entry vector is
application-layer or vertical-purpose chains co-built with an issuer, not generalist new L1s.
04
TradFi entered through asset managers and custody banks first.
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.
Section 07 · Appendix
Explore the dataset
All 157 disclosed funding events. Search by company or investor, filter by segment, type, or year,
and sort any column.