We’re pleased to announce that Stablecore - the leading digital asset core platform enabling banks and credit unions to offer stablecoin and digital asset products - has closed a $20M funding round to accelerate our mission. The funding was led by Norwest with participation from Coinbase Ventures, BankTech Ventures, Bank of Utah, EJF Ventures, Bankers Helping Bankers Fund, Curql, Peterson Ventures, Stack Asset Management and others, which collectively represent more than 290 banks and credit unions as limited partners.
Why banks and credit unions?
As stablecoins and digital assets grew into multi-trillion dollar markets in the last decade, traditional financial institutions - including banks and credit unions - were unable to participate due to a lack of regulatory clarity and leadership in the United States.
Following landmark regulatory changes this year, including the passing of the GENIUS Act and the updating of digital asset policies from the OCC, FDIC, Federal Reserve Board and SEC, digital assets have now become permissible activities for the 8,500+ banks and credit unions in the United States.
At Stablecore we believe that banks and credit unions, particularly regional and community institutions, are the logical providers of digital assets for both retail and commercial customers. The vast majority of customers prefer the trust, safety and convenience that banks and credit unions provide as the central financial partner in their activities. In order to stay competitive against challenger fintechs and retain their deposit bases, it is critical that regional and community depository institutions adapt to this platform shift towards digital assets, tokenization and blockchain based financial infrastructure.
Bridging the gap with the digital asset core
Banks and credit unions rely heavily on traditional banking infrastructure - including banking cores and digital banking platforms - that historically have not had the expertise or core capabilities for digital assets. In addition, depository institutions are challenged to understand and bring together the numerous, complex pieces required to support digital asset offerings, including custody, key management, blockchain infrastructure, digital asset compliance, orchestration, digital asset ledgering and much more.
By bringing the key components of digital asset infrastructure together with existing banking technology into a single platform - a digital asset core - Stablecore enables depository institutions to seamlessly offer stablecoin and digital asset products to their customers, securing their deposits, remaining competitive against challenger fintechs and retaining financial account primacy. Importantly, Stablecore also enables bank and credit union clients to work with any digital asset custodian, exchange, stablecoin issuer or provider, bringing tremendous flexibility as the digital asset ecosystem evolves rapidly in the coming years.
The Stablecore platform is supported by our world class team of digital asset experts, many of whom have designed, built and managed digital asset infrastructure at the largest scale, including at Coinbase and other institutions. This deep expertise, combined with our exclusive focus on banks and credit unions enable us to be true partners in helping depository institutions successfully navigate this new digital asset era.
Empowering banks and credit unions to compete in digital assets and remain as central players in our financial system is the incredibly important and exciting mission of our company. We’re thrilled to have the support of an investor group who shares this vision, the additional resources of this funding round to provide world class support to our clients and the trust of numerous existing bank and credit union clients across the country.
If your institution is ready to take action to remain competitive and retain deposits in the digital asset era, Stablecore is ready to be your trusted partner - let’s talk.