Stablecore, a Dallas fintech that lets small and midsize banks and credit unions offer digital assets, raised $20 million.
The company said in a press release that the fundraising was led by Norwest, with participation from Coinbase Ventures, Curql, BankTech Ventures, Bank of Utah, EJF Ventures, Bankers Helping Bankers Fund.
“Following landmark regulatory changes this year, stablecoins and digital assets have entered a new paradigm, becoming permissible activities within banking,” Alex Treece, Stablecore’s co-founder and CEO, said in the release.
“Banks and credit unions, especially Main Street institutions, are the most logical, secure home for these assets alongside customers’ existing financial accounts,” Treece added. “Stablecore helps financial institutions retain their deposits, create new digital asset-powered revenue streams, and stay competitive as this transition to digital assets and blockchain technology unfolds.”