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FollowingCryptocurrency venture investment showed polarization in the first quarter of 2026
Overall financing volume fell by about 50% from the previous quarter, totaling about US$4 billion in 355 transactions, while the number of newly established venture funds hit a record low since the third quarter of 2020. However, stablecoin payments companies are still completing sizable financing rounds, from Rain's $250 million Series C round to OpenFX's $94 million round. This pattern suggests that the market correction stems more from selective investment than from outright stagnation.
The stablecoin payment track is absorbing financial technology-style capital
stablecoin payments are not the largest venture investment category. In the trading, exchanges, investment and lending areas, the company raised approximately US$2.6 billion during the quarter, still far ahead. The change is that rapid and continuous financing rounds continue to emerge in the payment infrastructure sector, while other areas tend to cool down. Rain, RedotPay, OpenFX, Mesh, Conduit and related startups currently cover card issuance, cross-border settlement, foreign exchange liquidity, wallets and bank connectivity.
Market background is crucial
A study by the Federal Reserve showed that the total market value of stablecoins in April 2026 was approximately US$317 billion, an increase of more than 50% from the beginning of 2025. Adjusted data from Visa and Artemis showed that stablecoin trading volume was approximately US$10.2 trillion over the 12-month period. But about 36% of them come from deposits and withdrawals from centralized exchanges. This distinction is crucial: the overall number is not equal to the actual amount of payments, although investors are viewing the stablecoin track as payment infrastructure.
Turning to indicators that risk funds can underwrite
The latest round of stablecoin payment startups typically disclose traditional fintech data. After completing a US$250 million Series C financing, Rain reported that its annualized transaction volume was approximately US$3 billion and had more than 200 partners. OpenFX told Reuters that its annualized payments grew from $4 billion to more than $45 billion in about a year. RedotPay claims to have 6 million registered users, has annualized payments of more than US$10 billion, and has achieved profitability.
Most of these numbers are reported by companies themselves and are not independently audited. Different companies have different definitions of payment amounts, so comparisons may be misleading. Still, this shift is significant. Investors are evaluating these companies based on net income, gross margins, customer Retention rate and transaction costs, rather than wallet addresses and token prices. This makes it easier for the category to be juxtaposed with traditional fintech. The same institutional norms have emerged in tokenization and real-world asset transactions, and institutional settlement initiatives have become more specific.
Payment infrastructure has clearer revenue path
Payment infrastructure has a clearer revenue path than many cryptocurrency protocols. Startups can charge transaction fees, foreign exchange spreads, card issuance fees, API subscription fees, and deposit or withdrawal fees. These are not new business models. stablecoins only serve as a back-end settlement layer, which means users may never see them. Félix Pago allows users to initiate money transfers via WhatsApp;Rain and RedotPay connect stablecoins to cards.
