Programmable money gains traction with $100M in startup raises
The same day stablecoin capitalization reached $280 billion, startups M0 and Rain announced nearly $100 million in new funding rounds for programmable money.
Venture investors have poured nearly $100 million into stablecoin startups, backing new infrastructure for programmable money.
M0, a Switzerland-based platform that lets developers issue custom stablecoins, announced a $40 million Series B raise on Thursday led by Polychain Capital and Ribbit Capital. Founded in 2023, the company has partnered with projects including MetaMask and Playtron to integrate its infrastructure into consumer-facing apps.
Another stablecoin infrastructure raise came from Rain, a US startup developing tools for banks to issue regulated stablecoins. The company secured $58 million in a Series B funds led by Sapphire Ventures, with backing from Dragonfly, Galaxy Ventures and Samsung Next, bringing its total funding to $88.5 million.