Trace Finance has raised $32 million in a Series A round led by CoinFund, giving the cross-border payments firm new capital to expand regulated stablecoin settlement infrastructure across Brazil, the United States, APAC, and other emerging markets. The round also included Coinbase Ventures, Haun Ventures, Jump Crypto, Valor Capital, Paxos, HOF Capital, Chainlink Labs, SNZ Capital, and strategic angel investors.
Why Trace Is Framing It As Banking InfrastructureTrace is not pitching stablecoins as a standalone solution. The company’s message is that stablecoins need regulated local banking infrastructure around them to become useful for enterprises. That includes Pix connectivity in Brazil, local compliance operations, bank-grade controls, and settlement rails that can bridge fiat and digital dollars.
According to the company, its infrastructure has processed more than $10 billion in cross-border volume. That figure is self-reported, so it should be treated as a company metric rather than independently audited market data. Even so, the investor list suggests that major crypto and fintech backers see regulated stablecoin settlement as a category worth funding.
LatAm Remains A Key Stablecoin Market The Bigger Stablecoin PictureThe $32 million round is another sign that the stablecoin sector is maturing beyond simple issuance. The next layer is distribution and utility: who can connect tokens to payroll, vendor payments, treasury management, card networks, local banking systems, and regulated FX operations?
That is where companies like Trace are trying to position themselves. The opportunity is large, but the hard part is operational. Stablecoin settlement only works for enterprises if compliance, local licensing, counterparty controls, and banking relationships are strong enough to survive real-world use. This round gives Trace more room to build that bridge.
