6 hours ago
Stablecoin startup Mo has raised $40 cardinal successful Series B backing arsenic task superior firms proceed to heap wealth into the sector, Fortune reported connected Thursday.
The backing circular was led by Polychain and Ribbit Capital and included contributions from the Endeavor Catalyst money and existing investors Pantera and Bain Capital Crypto.
Mo, which has present raised astir $100 cardinal successful superior bash far, declined to disclose its valuation successful the backing round, according to the report.
The startup is gathering a web for stablecoin issuers to deploy tokens without having to physique their ain bundle for transferring assets crossed chains oregon changing 1 token for another.
Luca Prosperi, co-founder and CEO, sums up the project's purpose arsenic gathering "the furniture zero of money."
Stablecoins - token pegged to the worth of a accepted fiscal plus specified arsenic a fiat currency - person proliferated successful 2025, driven by the committedness of wide regularisation successful the U.S., which came to fruition with the passing of the GENIUS act past month.
The marketplace capitalization of stablecoins exceeded $289 cardinal arsenic this month, much than doubling successful size successful 2025.
This inclination has been accompanied by task superior firms piling wealth into stablecoin projects done a drawstring of funding rounds, of which Mo's is 1 of the largest.
Mo did not respond to CoinDesk's petition for further comment.
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