Stablecoin Infrastructure Provider Stably Raises Pre-Series A Round Led by VeChain’s CEO and Morgan Creek Capital

January 18, 2022 – Seattle, Washington

Stably, a US venture-backed stablecoin and asset tokenization infrastructure provider, announced it has secured an undisclosed amount of funding in a recent pre-Series A equity financing round led by Morgan Creek Capital, Jackson Fu from CREAM & Partners and Sunny Lu from VeChain. Other new investors included Hard Yaka, Bloccelerate, B21 Capital, Lou Kerner from Blockchain Coinvestors and David Choi from Taureon Capital, as well as two existing investors, BEENEXT and Pay It Forward.

The fresh round of funding will enable Stably’s over 20-member team to pursue several key strategic initiatives in 2022 – one of which is rapidly tripling its engineering team’s size to further improve Stably’s stablecoin-as-a-service (SCaaS) offerings and expanding the company’s fiat-to-stablecoin gateway to meet growing demand across various emerging blockchain ecosystems, including non-custodial wallets and web 3.0 applications for DeFi, GameFi, NFT marketplaces and even metaverses.

Currently, the more than $160 billion global stablecoin market is highly fragmented across nearly 100 different blockchain protocols, and many lack adequate fiat currency access points – or ‘on-ramps – for their end-users. On top of this, the fiat-to-stablecoin on-ramping market itself still remains very inefficient. For example, it may cost between 20% to 40% to purchase Circle’s USDC, a popular US dollar stablecoin, with credit/debit cards via MoonPay or Simplex, two leading fiat-to-crypto gateway providers in the world.

To differentiate itself from other fiat-to-crypto gateways, Stably mainly focuses on providing stablecoins for ‘small to mid-cap’ blockchain platforms – i.e., ’emerging’ blockchains with native tokens between $100 million to $10 billion in total market capitalization. These nascent blockchains with enormous growth potential are still vastly underserved by most stablecoin issuers and fiat ramp providers today.

Kory Hoang, co-founder and CEO of Stably, said,

“Sunny Lu decided to participate in our round because he was also seeking a practical and fast stablecoin-as-a-service solution for the VeChain ecosystem. Practically speaking, Stably was the only company in this space that could quickly integrate with the VeChainThor blockchain to launch a compliant stablecoin within a few months of our initial discussions.”

Over the past twelve months, Stably has integrated its stablecoin infrastructure and products/services with seven emerging blockchain networks, including VeChainThor, DigitalBits and Chia Network. The company, via its regulated financial institution partners, processed over $100 million in transaction volume from users in 2021 and grew its total revenue by more than 10 times compared to the previous year.

Stably also helped launch a gold-backed branded stablecoin recently for Kitco Digital Metals Group, a member of the Kitco group of companies focused on developing and promoting digital metals products, aiming to be a world leader of precious metal tokens. These achievements in turn helped attract significant institutional investor interest in Stably’s pre-Series A round.

Jackson Fu, founder of CREAM, said,

“As a leading incubator of fintech and blockchain technology solutions, I saw the unique potential of Stably’s stablecoin-as-a-service platform right away. Our strategy and community-building capabilities will see that this potential is maximized. As such, we are excited to invest in this round of financing as the lead investor and to become a Stably board member going forward. We will see much happening with Stably. Stay tuned.”

Going forward, Hoang predicts a lot more DeFi, GameFi, NFT marketplace and metaverse activities will take place on emerging blockchain networks. He is planning for Stably to integrate with another 12 emerging blockchains by the end of this year. He estimates that there will be a total of over 100 emerging blockchains in need of stablecoin infrastructure by the end of 2022 and even over 300 by 2025.

About Stably

Stably is a venture capital-backed fintech startup from Seattle (USA), with a focus on providing asset tokenization and stablecoin payment infrastructure for emerging blockchain networks and web 3.0 wallets and applications, including DeFi protocols, NFT marketplaces and metaverse platforms.

The company’s mission is bridging money from traditional finance (TradFi) to the digital economy by providing web 3.0 users with fiat-to-stablecoin on-ramps that are faster, cheaper, secure and globally accessible. For more information about Stably, please visit the website. For any press and media inquiries, please email here. For all other inquiries, please email here.


Kory Hoang, co-founder and CEO of Stably

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