Solana multisig protocol Squads raises 18M USD to scale stablecoin platform Altitude

Solana multisig leader Squads raises $18M to scale its Altitude stablecoin accounts for enterprises, reinforcing Solana’s role as plumbing for onchain dollar treasuries.

Solana‑based multi‑signature protocol Squads has raised 18 million dollars in a new strategic equity round led by Solana Ventures, with participation from Coinbase Ventures, Haun Ventures, L1D and others, according to The Block. The latest financing brings Squads’ total funding to 42.9 million dollars and will be used primarily to expand its stablecoin‑focused enterprise platform, Altitude.

Squads is a core infrastructure provider in the Solana ecosystem, offering multisig smart accounts and treasury‑management tools that DAOs, teams and protocols use to secure on‑chain assets and manage program control. Built on the Squads Protocol, its platform enables multi‑signature wallets, granular permissions and spending limits for Solana‑native organizations, and is often referred to as a de facto standard for multisig on the network. The participation of Solana Ventures in the latest round underscores the protocol’s strategic importance to the chain’s security and operational stack.

Solana stack gets serious

The new capital will accelerate the growth of Altitude, Squads’ stablecoin account product for businesses. Altitude lets companies use self‑custody accounts to send and receive stablecoin payments globally 24/7, handle payroll and vendor payouts, and connect into the broader payment network via compliance and risk‑control layers. In practice, it aims to turn Solana into a back‑end settlement layer for dollar‑denominated cash management, leveraging the chain’s high throughput and low fees.

As of April 29, 2026, Solana ($SOL) is trading around 84 dollars, slightly below recent levels near 86–88 dollars, with a market capitalization close to 48 billion dollars. On prediction platform Polymarket, traders currently price the 80–90 dollar range as the most likely closing band for $SOL, implying that the market sees this move as consolidation rather than a breakout catalyst on its own. The Squads funding news strengthens the fundamental story for Solana as a base layer for enterprise‑grade stablecoin flows and treasury infrastructure, but it arrives against a backdrop of modest short‑term price weakness and a broader risk‑off tone in majors.

In the near term, the announcement is more likely to support sentiment and narrative around Solana’s ecosystem than to drive an immediate re‑rating of $SOL price levels. For traders, the key question is whether Altitude can meaningfully grow on‑chain stablecoin balances and transaction volumes on Solana in coming quarters; if it does, that flow could reinforce fee revenue and network usage metrics that historically correlate with stronger medium‑term price performance. Until concrete adoption data emerges, $SOL’s price action is expected to remain anchored in the current 80–90 dollar range, with the Squads round serving as a constructive but incremental bullish data point rather than a standalone catalyst.