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[Switzerland] – , a decentralized infrastructure layer for the issuance of cryptodollar assets, today a Series A fundraise totalling $35 million, in conjunction with the deployment of  the ������Ƶ core protocol and on-chain governance mechanism on Ethereum Mainnet. The Series A round is led by , Bain Capital’s crypto investment platform. Led by a team of, among others, MakerDAO and Circle veterans, the financial infrastructure design built by ������Ƶ employs an institutional-grade approach to DeFi, empowering any institution to mint a decentralized, interoperable, and fungible cryptodollar.

In addition to Bain Capital Crypto, the Series A round and launch phase drew support from existing investors as well as strategic partners including  , , , and . ������Ƶ previously raised $22.5 million in seed funding led by in early 2023.

"Stablecoins are the largest and fastest growing asset for settlement on public blockchains today. We expect this market to continue to grow quickly to trillions of dollars over the next decade. ������Ƶ is taking a unique approach, with lessons from MakerDAO to form a new decentralized stablecoin collateralized exclusively by short-term treasuries. We are impressed with the ������Ƶ team's mix of stablecoin, DeFi and traditional finance expertise, and we’re excited to support them in this next phase of growth," said Stefan Cohen, Partner at Bain Capital Crypto.

“Decentralized Finance continues to face challenges when it comes to attracting and onboarding institutional liquidity. The ������Ƶ infrastructure can power a new global network of high-quality institutions who want to leverage their assets to mint a fungible stablecoin, thus minimizing liquidity fragmentation,” said Paul Veradittakit, Managing Partner at Pantera Capital. “What Visa, Mastercard and American Express have done for payments, ������Ƶ wants to do to value distribution.”

At the heart of ������Ƶ is an innovative, open federation mode, that allows for stablecoin issuance based on high quality reserve assets such as U.S treasuries. The platform allows multiple entities to mint a single, fungible cryptodollar called M. Minter entities bring their own standardized, high-quality collateral, and once permissioned by governance, connect to ������Ƶ’s decentralized protocol to mint M. Independent entities called Validators can connect to standard ������Ƶ offchain software in order to continuously verify the presence of collateral and adherence to standards. 

“While the stablecoin sector has grown to over $160 billion in size, it still mostly comprises what we consider to be v1 solutions, more often than not additional layers on top of antiquated and redundant financial infrastructure. ������Ƶ aims to set new standards in terms of issuance, collateral storage, governance, and interoperability” said Luca Prosperi, President of the ������Ƶ Foundation Council. “The vision is to move this technology forward as the next generation backend for fintech frontends.”

“We are transitioning from an outdated monetary infrastructure dominated by large, centralized parties, to a much more modern, federated framework for cryptodollar issuance. We reject a future cluttered with non-interoperable and riskier forms of money,” added Prosperi. “This Series A funding, backed by some of the very best partners in the industry, will drive the entities within the emerging ������Ƶ ecosystem to build the middleware for a new global federation of reputable money issuers and distributors.”

“The stablecoin sector continues to see innovation with a wave of tokenized-treasury and other products entering the market. But one area where there’s been a lack of solutions is multi-issuance and interoperability, or singleness of money,” mentioned Will Nuelle, General Partner at Galaxy Ventures. “������Ƶ is poised to power a new wave of products built on their infrastructure and we’re proud to be joining this round.”

To learn more about ������Ƶ and stay up-to-date on the latest developments, visit and follow along on .

About ������Ƶ Ecosystem

‍ is money middleware for the internet age. It is a decentralized, on-chain protocol, as well as a corresponding set of off-chain standards and APIs, that powers a federation of stablecoin issuers. With ������Ƶ, any number of independent institutions can tap on turnkey middleware to become the minter of a fungible stablecoin asset.