Boston-based fintech firm Conduit has secured $36 million in Series A funding to scale its cross-border payment infrastructure that blends stablecoins and fiat currencies, positioning itself as a modern alternative to the aging SWIFT system.
The round was led by Dragonfly and Altos Ventures, with participation from Sound Ventures, Commerce Ventures, Digital Currency Group (DCG), Circle Ventures, and returning backers Helios Digital Ventures and Portage Ventures.
Conduit’s platform enables near real-time settlements by leveraging stablecoin rails and local fiat integrations, a stark contrast to the often multi-day process of traditional cross-border banking.
“Traditional cross-border payment systems do not meet the demands of modern businesses,” said CEO Kirill Gertman. He claims Conduit's clients have already saved 60,000 hours in settlement time and more than $55 million in fees since the company’s 2021 launch.
📈 Stablecoin Sector Sees Surging Investor Interest
Conduit's raise is the latest in a wave of funding for stablecoin-focused infrastructure, driven by institutional adoption and growing utility. According to DefiLlama, stablecoins now boast a combined market cap of $247 billion — up 54% year-over-year from $161 billion in May 2024.
Other notable raises include Cap’s $11M seed round in April and Plasma’s $24M in February. Meanwhile, Cedar Money secured $9.9M earlier this year for its own stablecoin-based payment platform.
Backing the trend is Circle, issuer of USDC and an investor in Conduit. The company is preparing for a $624 million IPO, targeting a $6.71 billion valuation, according to recent filings.
Bottom Line:
With investors betting big on stablecoin infrastructure, Conduit’s funding reflects growing momentum behind blockchain-native solutions to modernize the $150+ trillion cross-border payments industry.
$USDC #Stablecoins
