In a significant move signaling the rising importance of blockchain-backed financial infrastructure, Boston-based fintech firm Conduit has successfully raised $36 million in its Series A funding round. With a growing appetite for faster, cheaper, and more transparent cross-border payments, Conduit aims to reshape the traditional system dominated by legacy networks like SWIFT by offering a hybrid platform that blends stablecoins with local fiat currencies.
The funding round was led by Dragonfly and Altos Ventures, with participation from other major players including Sound Ventures, Commerce Ventures, Digital Currency Group (DCG), Circle Ventures, and returning investors Helios Digital Ventures and Portage Ventures. The fresh capital will be used to scale Conduit’s settlement platform and expand its currency offerings across both stablecoins and fiat options.
At the core of Conduit’s mission is a bold challenge to the SWIFT network, which has been the backbone of international bank transfers since the 1970s. While SWIFT’s messaging protocol still powers much of the global financial plumbing, it often results in slow, costly settlements that don’t align with the needs of today’s digital-first businesses.
“Traditional cross-border payment systems are outdated and inadequate for modern global commerce,” said Kirill Gertman, Conduit’s co-founder and CEO. “Our platform combines the speed of stablecoins with the familiarity of fiat to enable near-instant global payments—without the high fees and long wait times.”
Since launching in 2021, Conduit has already processed enough volume to boast some impressive numbers: clients have saved over 60,000 hours in settlement delays and collectively avoided more than $55 million in fees, according to company data.
Stablecoins Surge in Popularity—and Investment
Conduit’s funding success comes amid a broader surge in institutional interest in stablecoins, which are increasingly being viewed as key building blocks of next-gen financial systems. According to DefiLlama, the total market capitalization of stablecoins stood at $247 billion as of May 28, marking a 54% increase over the previous 12 months. This massive uptick reflects growing demand for digital dollars that combine the efficiency of crypto with the price stability of traditional currency.
Major stablecoin players are also catching the attention of venture capital. In just the first few months of 2025, several stablecoin-focused startups have attracted notable investments. Cap, a startup in the same space, raised $11 million in April; Plasma followed with a $24 million haul in February; and Cedar Money secured $9.9 million back in January. This steady stream of capital underscores the broader conviction that stablecoins are more than a trend—they’re fast becoming the infrastructure for global finance.
Adding to the momentum is Circle, the issuer of USDC and a backer of Conduit, which is gearing up for a public market debut. The firm has filed for an IPO aiming to raise $624 million, with a targeted valuation of $6.71 billion—a move that could be a bellwether for the entire stablecoin industry.
The Bigger Picture
As global commerce becomes increasingly digital, the inefficiencies of legacy banking systems are harder to ignore. Conduit’s hybrid approach—leveraging both crypto-native technology and fiat compatibility—may offer a practical bridge between the old and the new.
With a fresh injection of capital and growing institutional tailwinds, Conduit is positioning itself not just as an alternative to SWIFT, but as a blueprint for the future of borderless finance.
