Web3 payments infrastructure company Transak has recently secured $16 million in a strategic funding round led by IDG Capital and Tether. The funds are intended to help improve their stablecoin payment systems and facilitate entry into fresh markets.
Key Points:
- Transak aims to utilize the funds for enhancing its stablecoin payment stack and expanding its market presence.
- The stablecoin sector has seen drastic growth, with market capitalization leaping from $130 billion to $270 billion within a year, as evidenced by DeFiLlama data.
- Notably, almost 30% of Transak’s over $2 billion in processed transactions is driven by stablecoin activity.
In a recent announcement, the company’s CEO Sami Start emphasized that achieving scalable stablecoin adoption demands more than sheer liquidity. He stated, “Stablecoins are no longer just a crypto asset. They are now the rails for global value transfer. But making them usable at scale requires more than just liquidity.”
Additionally, Tether’s involvement in this funding round is significant, as their flagship stablecoin USDT constitutes more than 60% of the entire market, confirming Tether’s influential role in the sector.
