OpenTrade raises $17 million to connect stablecoins to real-world assets
The a16z-backed stablecoin yield and RWA lending platform’s funding round was led by Mercury Fund and Notion Capital.
What to know:
- Stablecoin infrastructure platform OpenTrade raised $17 million in a round led by Mercury Fund and Notion Capital, bringing its total funding to more than $30 million.
- The London-based, FCA-regulated firm plans to use the capital to expand both its permissioned and permissionless infrastructure and to grow its asset management and trading teams.
- OpenTrade, which enables fintechs and other platforms to offer stablecoin yield products backed by real-world assets, reports $5.67 million in total value locked and more than $250 million in transaction volume last year amid a stablecoin market now exceeding $310 billion in supply.
The raise follows earlier backing from a16z Crypto and comes as OpenTrade expands its offerings for fintechs, exchanges, wallets and institutional clients seeking stablecoin-based yield products.
The firm provides support and infrastructure that enables fintechs, exchanges and wallets to offer stablecoin yield products backed by real-world assets (RWAs). OpenTrade’s total value locked is $5.67 million and claims it processed more than $250 million in transaction volume last year.
“OpenTrade has made it simple for fintechs and neobanks to plug institutional-grade stablecoin yield into their products,” said David Sutter, OpenTrade’s CEO and co-founder. “The platform is expanding to serve non-custodial platforms, treasuries and asset issuers seeking “a safe, scalable way to connect stablecoins to diversified yield strategies,” he added.
The stablecoin market has grown to more than $310 billion in supply, driving demand for infrastructure that connects digital assets to yield strategies across traditional and decentralized finance, the startup said.
