It’s been a busy week for stablecoin news, with three startups announcing funding rounds: Mountain Protocol, M^0 and Tether-backed XREX. Additionally, Paxos announced a yield earning stablecoin in Dubai, and Franklin Templeton said it would allow investors to use USDC to buy its tokenized money market fund FOBXX. This last piece of news could mean more asset managers issue stablecoins.
Earlier in the week we reported that stablecoin issuer Tether invested $18.75 million in XREX for B2B cross border payments. XREX is closely tied to the Unitas Protocol a novel solution for emerging market currency stablecoins we covered separately.
Stablecoin issuer Mountain Protocol announced an $8 million Series A funding from Castle Island Ventures, Coinbase Ventures, Bankless Ventures, Dept of XYX, Wormhole, Aptos and others.
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