HIFI, a New York stablecoin infrastructure company, has raised a $37 million Series A led by Left Lane Capital to expand its regulatory licenses, card products, and capital markets infrastructure. The round follows HIFI's role in DTCC's July tokenized securities trades and comes alongside new figures on platform usage and a fresh Visa Direct payout integration.
HIFI, the New York stablecoin infrastructure company that took part in DTCC's July tokenized securities trades, raised a $37 million Series A led by Left Lane Capital, the company said on Thursday. The money goes toward expanding regulatory licenses, card products, and capital markets infrastructure.
Matthew Miller, Managing Partner at Left Lane Capital, joins HIFI's board as part of the deal. HIFI said its platform moves more than $7 billion a year, and that usage among existing customers has grown more than fourfold in six months. Companies building on the platform have also onboarded more than 10,000 businesses and 200,000 individuals, with payouts reaching 87 countries, the team stated.
Sumitomo, Dapper and Arival Bank build on the rails
Sumitomo is rebuilding its cash management and trading operations on the platform, while Dapper is building digital marketplaces on it and Arival Bank uses it for stablecoin payments. A Form D that HIFI Bridge, Inc. filed with the SEC on September 3 covers a $27.3 million equity offering. Of that total, $21.8 million has been sold to 24 investors since a first sale on August 19.
Repo trades and Visa payouts
The funding round follows DTCC's production trades with tokenized DTC-held securities on July 15, run across more than 30 firms including BlackRock, Goldman Sachs, J.P. Morgan and Nasdaq, and covering collateral pledges, securities lending, and Treasury and repo settlement ahead of an October launch of DTCC's tokenization service.
HIFI said it took part in the tokenized repo pilot and also supported a live tokenized repo trade on Tradeweb between DRW and Marex, settled on Canton with USDCx as the cash leg. This month HIFI launched stablecoin push-to-card payouts through Visa Direct, starting with payouts to more than 4 billion Visa cards worldwide, and has integrated with the Circle Payments Network.
Source: CryptoPotato
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