Boston-based Conduit has successfully secured $36 million in a Series A funding round, spearheaded by Dragonfly and Altos Ventures, to expand its cross-border payment platform. The company aims to revolutionize the landscape of international settlements by offering a viable alternative to the long-standing SWIFT system. With a focus on integrating stablecoins and local fiat currencies, Conduit promises near-instantaneous cross-border transactions—a bold step toward modernizing the antiquated wire transfer process banks have depended on since the 1970s.
A New Era for Cross-Border Payments
Conduit’s innovative platform seeks to address the inefficiencies that have long plagued traditional cross-border payment systems. CEO Kirill Gertman emphasized the pressing need for modernization in a statement, noting that “traditional cross-border payment systems do not meet the demands of modern businesses.” The company’s approach combines the stability of fiat currencies with the efficiency of stablecoins, offering a seamless, crypto-backed infrastructure that has already purportedly saved its clients over 60,000 hours in settlement times and more than $55 million in fees since its launch in 2021.
The funding round saw participation from notable investors such as Sound Ventures, Commerce Ventures, DCG, Circle Ventures, and returning backers Helios Digital Ventures and Portage Ventures. This robust backing underscores the growing confidence in Conduit’s vision and the broader potential of stablecoin-based solutions in the financial sector.
Stablecoins: A Growing Force
The stablecoin market has been on an upward trajectory, with its market capitalization hitting a staggering $247 billion on May 28, 2025, according to DefiLlama data. This marks a notable 54% increase from $161 billion just a year prior, highlighting the rising acceptance and reliance on stablecoins like Tether’s USDT within the crypto ecosystem. As explored in our recent coverage of Visa and Baanx’s launch of USDC stablecoin payment cards, the integration of stablecoins into everyday transactions is becoming increasingly mainstream.
The surge in stablecoin adoption is mirrored by an influx of investments into startups focused on this burgeoning sector. Recent funding rounds include $11 million for Cap in April, $24 million for Plasma in February, and a $9.9 million investment in Cedar Money back in January. These developments indicate a robust appetite among investors for companies that are leveraging stablecoins to disrupt traditional financial processes.
The Ripple Effect on the Market
Conduit’s advancements arrive at a pivotal moment as regulatory bodies like the UK Financial Conduct Authority (FCA) begin soliciting public input on stablecoin and crypto custody regulations. This regulatory scrutiny, coupled with the technological advancements being spearheaded by companies like Conduit, could fundamentally reshape how international payments are processed and perceived.
In an intriguing twist, Circle, one of Conduit’s investors and the issuer of USDC, is eyeing a public listing. The company plans to raise $624 million through an initial public offering, aiming for a valuation of $6.71 billion. This move reflects a broader trend within the crypto sector, where traditional financial practices are being adapted and integrated into the burgeoning stablecoin industry. For a deeper dive into how stablecoins are being integrated into consumer transactions, see our coverage of Mesh adding Apple Pay to let shoppers spend crypto.
Looking Forward
Conduit’s recent funding success and ambitious plans could set a precedent for the future of cross-border transactions. However, questions remain about how this innovative approach will navigate the complexities of regulatory environments across different regions. As the financial world continues to grapple with the implications of crypto and stablecoins, Conduit seems poised to play a pivotal role in shaping the future of international payments.
Whether Conduit can maintain its momentum and deliver on its promises remains to be seen, but one thing’s certain: the landscape of cross-border payments is on the cusp of significant transformation. Investors, regulators, and businesses worldwide will be watching closely as Conduit and its peers continue to push the boundaries of what’s possible in the realm of global finance.
Source
This article is based on: Conduit raises $36M for stablecoin, fiat cross-border payment network
Further Reading
Deepen your understanding with these related articles:
- Ripple Offered $4B-$5B for Stablecoin Issuer Circle: Bloomberg
- World Liberty’s Stablecoin Will Be Used to Close MGX’s $2B Binance Investment: Eric Trump
- Tether Finalizes Buying 70% of Adecoagro Stake, Securing Tokenization Ambition
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
