In a recent tweet, USDX MONEY, a decentralized synthetic USD stablecoin issuer, announced that it secured $45 million in funding from significant backers to boost its stablecoin. The $45 million fund brought the company’s value to $275 million.
Investors who provided the funding included venture capital firms NGC, BAI Capital, Generative Ventures, and UOB Venture Management, among others.
Some of these investors also gave USDX MONEY special tickets, called warrants, that allow them to buy more company shares in the future. Existing investors in the stablecoin issuer, Dragonfly Capital and Jeneration Capital, also participated in this funding round.
According to the tweet, the new funding will help USDX MONEY accelerate its goal of building a new and improved system for digital currency, called stablecoin infrastructure. This system will help connect different types of financial systems, including decentralized finance (DeFi), centralized finance (CeFi), and traditional finance (TradFi), making it easier for people to use digital currency.
Stablecoin Adoption Continues
Despite regulatory uncertainty, stablecoins have gained significant traction. The market cap of stablecoins has grown substantially, with Tether and Circle’s USDC being the most prominent players.
In June, Tether, the platform behind USDT, the world’s largest stablecoin, partnered with a blockchain-focused financial institution, XREX, investing $18 million to drive stablecoin adoption and crypto innovation.
Circle, the issuer of another popular USD Coin (USDC) stablecoin, revealed its plans to launch on the layer-1 blockchain Sui network. According to the platform’s CEO, Jeremy Allaire, its partnership with the Sui network will expand USDC’s availability to over 15 blockchain platforms and networks.
Such partnerships and funding help to foster the growth of the stablecoin market. A notable example is the statistics of Bitcoin-backed overcollateralized stablecoin, USDa.
Two weeks after its launch, USDa surpassed a staggering $400 million supply, demonstrating an impressive adoption rate. Furthermore, the stablecoin reached a notable milestone, exceeding $700 million in total value locked (TVL) within two weeks following its launch.
Stablecoin Market Maturity in Asia Gains Momentum
Asia’s influence in the stablecoin market continues to grow, with Japan’s top banks launching a joint stablecoin platform for international settlements to streamline cross-border transactions.
The banks included Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho Financial Group.
The Hong Kong Securities and Futures Commission (SFC) recently announced its intention to create a regulatory framework to regulate stablecoins.