Summary

• Stripe bought Bridge.XYZ $1.1B after Bridge raised $50m from Sequoia, Ribbit Capital, and Haun Ventures. That’s nearly a 10x for Series A investors in <1 year.

• Yellow Card raised a $33m Series C to shift towards B2B payments for stablecoins and announced they serve over 30,000 businesses with 8 figures in revenue.

• Meanwhile, stablecoin on-chain metrics are surpassing or reaching all-time highs. We showcase the quantitative and qualitative in the report with Castle Island Ventures + Visa.

• Historically, investors have argued that stablecoin issuers are the primary beneficiaries of stablecoin adoption.

• There’s been a paradigm shift in 2024: fintech apps, networks, infrastructure, on/off ramps, and analytics are starting to drive and accrue value as stablecoins proliferate.

• We found many businesses we believe will accrue value as stablecoins proliferate. Today, we share our research with the rest of the community.

• Here is the LIVE and open source market map: If you’d like to add a company, please DM Crystal Tai