Stablecoin infrastructure just pulled in fresh institutional capital. Trace Finance raised a $32 million Series A led by CoinFund, with backing from Coinbase Ventures, Haun Ventures, Jump Crypto, Valor Capital, Paxos, and HOF Capital. The money funds Trace’s push to scale regulated stablecoin infrastructure across Brazil, the United States, and emerging markets.
The thesis is simple. Stablecoins alone do not fix cross-border payments, but stablecoins wired into regulated local banking do. Trace builds exactly that stablecoin infrastructure layer, and investors clearly see the category as worth funding.
Inside the Trace and CoinFund Round
Trace earned its reputation in a hard market. The firm built its stack in Brazil, where regulators treat virtual asset cross-border flows as foreign exchange operations. As a result, institutional volume keeps shifting toward bank-grade providers, which is exactly where Trace sits.
The numbers back the story. Trace says it has processed more than $10 billion in cross-border volume to date, a figure the company reports itself. It also serves as the main provider for several of the largest global payment firms in Latin America, including dLocal.
The round drew heavy hitters beyond CoinFund. Chainlink Labs and SNZ Capital joined, alongside founders such as Circle’s Sean Neville and Solana Labs’ Anatoly Yakovenko. Notably, Mesh co-founder Bam Azizi and Itaú Unibanco vice chairman Ricardo Villela Marino also backed the raise.
Why Stablecoin Infrastructure Demand Keeps Rising
Cross-border money movement still runs slow and costly. Legacy rails add delays, fees, and friction, so enterprises want faster settlement options. Stablecoin infrastructure promises that speed, but only with trusted local banking around it.
Meanwhile, regulation is pushing the same way. As more markets formalize rules for digital assets, institutional flows move onto compliant rails. Trace ties global stablecoin liquidity to local systems like Brazil’s Pix, which bridges digital dollars and fiat in one flow.
That bridge is the product. In practice, Trace blends local payment rails, compliance operations, banking connectivity, and stablecoin settlement into a single stack. For fintechs and exchanges, that mix turns a messy corridor into a clean one.
What Bernardo Brites Said
Bernardo Brites, co-founder and CEO of Trace Finance, kept the message blunt. He said stablecoins plus regulated local bank infrastructure, not stablecoins alone, solve cross-border payments. In his view, the round lets Trace deepen the banking, payments, and compliance layer that global firms depend on.
Einar Braathen, a partner at CoinFund, framed the bet around scale. He argued that the next phase of global money movement favors firms that bridge onchain settlement with trusted local banking, and pointed to Brazil as a proving ground.
Where Trace Sits in the Market
Trace now competes in a fast-growing settlement category. As it scales, it lines up against other providers racing to link traditional banking with digital asset rails. Its edge is regulated reach in markets that punish shortcuts.
As a result, the fresh capital sharpens that edge. With it, Trace plans to grow across the United States, Brazil, and the Asia-Pacific region. For a company selling stablecoin infrastructure to global enterprises, deeper banking ties are the moat.
