Crypto infrastructure provider Utila raised $22 million in its latest fundraising round nearly tripling its valuation in the last six six months, the firm told CoinDesk.
The round was led by Red Dot Capital Partners with Nyca, Wing VC, DCG and Cerca Partners among investors also participating, extending the March Series A funding round to $40 million.
Founded in New York and Tel Aviv, Utila provides a digital asset operations platform tailored for enterprises working with stablecoins. The system handles payments, treasury and trading functions, while offering compliance and continuity features for businesses. The firm’s customers include payment providers, neobanks and asset managers, reflecting the growing use of dollar-pegged tokens in global finance.
Stablecoins garnered attention this year from outside of crypto circles as the killer application of blockchain technology. The sector, currently a $270 billion market, have the potential to disrupt cross-border payments as a faster, cheaper alternative to traditional financial rails, proponents say. Major banks and global retailers like Walmart, Amazon are reportedly exploring using stablecoins.
Payments firm Stripe acquiring stablecoin startup Bridge and USDC stablecoin issuer Circle’s IPO were the “bitcoin ETF moments” for stablecoin adoption, Bentzi Rabi, co-founder and CEO of Utila said in an interview with CoinDesk.
Utila did not actively seek new funding, but received inbound offers as stablecoin demand spiked, Rabi said. Since March, the firm has doubled its customer base and now processes over $15 billion in monthly transactions.
With most of its original Series A capital still unused, Utila opted to extend the round to accelerate its expansion into fast-growing markets such as Latin America, Africa and Asia-Pacific, where stablecoins are increasingly central to financial infrastructure.
Read more: Asia Morning Briefing: Are Stablecoins an ‘Engine of Global Dollar Demand’ or a 2008-Style ‘Liquidity Crunch’?