DALLAS– Stablecore, a platform that enables community and regional banks and credit unions to offer stablecoins, tokenized deposits and digital asset products, said it has raised $20 million in funding, including from a credit union-backed fund.
Led by Norwest, participants also included Coinbase Ventures, BankTech Ventures, Bank of Utah, EJF Ventures, Bankers Helping Bankers Fund and Curql, which represents credit union investors.
Other investors represent more than 290 limited partner banks and credit unions, according to the company.
Stablecore said it serves as a “digital asset core,” unifying the critical components of digital asset offerings into a single platform specifically built for community and regional banks and credit unions.
‘New Paradigm’
“The platform integrates with existing banking cores and digital banking services, enabling financial institutions to offer digital asset products without changing their technology infrastructure,” Stablecore said, adding it gives community and regional banks and credit unions complete control, ownership and flexibility over their digital asset offerings, including the ability to work with multiple underlying digital asset custodians.
“Following landmark regulatory changes this year, stablecoins and digital assets have entered a new paradigm, becoming permissible activities within banking,” Co-Founder and CEO Alex Treece said in a statement. “Banks and credit unions — especially Main Street institutions — are the most logical, secure home for these assets alongside customers’ existing financial accounts. Stablecore helps financial institutions retain their deposits, create new digital asset-powered revenue streams and stay competitive as this transition to digital assets and blockchain technology unfolds.”
‘New Revenue Streams’
The company said that from instant global payments and treasury management with stablecoins, to digital asset custody and exchange, to digital asset-backed lending and more, it opens up new revenue streams, increases deposit bases, and allows financial institutions to attract new customers and retain account primacy.
