Dallas-based fintech Stablecore has received $20 million in funding, led by Norwest Venture Partners and with participation from Coinbase Ventures, Curql, BankTech Ventures, Bank of Utah, EJF Ventures, Bankers Helping Bankers Fund, and others that represent more than 290 limited partner banks and credit unions, the startup announced.
Founded this year, Stablecore said its platform enables community and regional banks and credit unions to offer stablecoins, tokenized deposits, and digital asset products. The company said its newly announced fundraising “comes at a crucial time” following Congress’ passage of the GENIUS Act in July. The act aims to create a regulatory framework for payment stablecoins by requiring issuers to maintain full reserves, conduct regular audits, and comply with anti-money laundering laws.
“Following landmark regulatory changes this year, stablecoins and digital assets have entered a new paradigm, becoming permissible activities within banking,” Alex Treece, co-founder and CEO of Stablecore, said in a statement. “Banks and credit unions — especially Main Street institutions — are the most logical, secure home for these assets alongside customers’ existing financial accounts. 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.”
The GENIUS Act creates licensing and regulatory requirements for domestic payment stablecoin issuers and standards for participation in the U.S.
A stablecoin is a type of digital currency, designed to maintain a stable value by being pegged to a less volatile external asset, such as a fiat currency such as the U.S. dollar, a commodity such as gold, or a collection of other crypto assets.
Stablecore said it serves as a “digital asset core,” that unifies critical components of digital asset offerings into a single platform specifically built for community and regional banks and credit unions. The company said that the platform integrates with existing banking cores and digital banking services, enabling financial institutions to offer digital asset products without changing their technology infrastructure.
Stablecore said it gives community and regional banks and credit unions complete control, ownership, and flexibility over their digital asset offerings, including the ability to work with multiple underlying digital asset custodians.
The company was co-founded by Alex Treece, Nick Elledge, and Eduardo Montemayor, all of whom are said to have “deep expertise” in digital assets and banking. The new funding allows Stablecore to grow its customer base within the more-than 8,000 regional and community banks and credit unions in the U.S. and hire additional talent to support them.
“We see blockchain and digital assets as one of the most transformative opportunities in modern finance,” Bank of Utah President Branden Hansen said. “While much of the innovation so far has been outside of traditional finance, the real power of these technologies will be felt in communities when local banks bring them into everyday financial services. Stablecore makes this vision possible, giving our customers faster, safer, and more innovative ways to move money and build wealth, while preserving trust and personal connections.”
Stablecore said that integrating its platform into a financial institution’s tech stack allows for multiple use cases, benefitting both the financial institution and its customers, without a need to upgrade or change their existing technology infrastructure.
“We’re at the beginning of a generational shift, as stablecoins and digital assets move into the heart of the financial system,” Jordan Leites, vice president at Norwest, said in a statement. “Stablecore is leading the charge, bringing together deep digital asset expertise and large-scale enterprise execution to deliver trusted solutions for banks and credit unions. Norwest is thrilled to support the Stablecore team as they build the infrastructure layer for the next era of banking and help financial institutions unlock the full potential of digital asset offerings.”
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