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Catheter raises $36 million to expand cross-border stability systems

by | May 28, 2025 | Crypto | 0 comments

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Conduit, a Boston-based cross-border payments company, has raised $36 million in a Type A funding match led by Draginfly and Altos Ventures. Capital will expand its payment system and expand its currency products in Fiat and stable stocks.

Conduit sells its payment system as an alternative to Swift, the messaging network or Bank Inter Bank Financial Telecommunications. Banks have relied on the Swift protocol to handle wire transfers since the 1970s. Conduit claims its platform provides a modern alternative to combining stablecoins with local fiat currencies through crypto infrastructure, enabling near-real-time cross-border settlements.

“Traditional cross-border payment systems cannot meet the needs of modern business,” Conduit CEO Kirill Gertman said in a statement.

Other participants in the funding round include Sound Ventures, Commerce Ventures, DCG, Circle Ventures, and two former investors, Helios Digital Ventures and Portage Ventures. Conduit claims that since its launch in 2021, its customers have saved over 60,000 hours in settlement time and cost more than $55 million.

Related: UK FCA requires public comments on Stablecoin, cryptocurrency custody regulations

Stabilize the company’s capital increase

Stablecoins adoption is increasing. According to Defilama data, on May 28, the market value of stablecoins reached $247 billion, up from $16.1 billion a year ago. Market capitalization has increased by 54% over the past 12 months.

Tether’s USDT is in sync with the growing Stablecoin market. source: defill

Investors continue to bet on startups focused on Stablecoin. In April, Stablecoin CAP raised $11 million in seed funding, while plasma received $24 million in February. Startup Cedar Money also ended a $9.9 million round in January to support its Stablecoin Payments platform.

Circle, the issuer of USDC and one of Conduit’s supporters, is preparing for the public’s debut. According to the IPO filing, the company aims to raise $624 million through an initial public offering, targeting a $6.71 billion valuation.

Magazine: Legal team: Crypto wants to overthrow the bank and is now becoming them in the Stablecoin battle