Trace Finance has raised $32 million in Series A funding, adding fresh capital to a stablecoin infrastructure business built around one of crypto's more practical use cases: cross-border money movement.
The round was led by CoinFund and included Coinbase Ventures (NASDAQ: $COIN), Haun Ventures, Jump Crypto, Valor Capital, Paxos, HOF Capital and other investors. Strategic backers also included Chainlink Labs (CRYPTO: $LINK) and SNZ Capital, alongside operators from the stablecoin, payments and banking world.
Trace is using the raise to expand regulated banking, FX, compliance and stablecoin settlement infrastructure across Brazil, the United States, LatAm, APAC and other high-growth corridors. The company says it has already processed more than $10 billion in institutional cross-border volume and serves as the main provider for the top four global payment providers operating in Latin America, including dLocal.
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The funding gives Trace a larger role in the market that has formed around stablecoins as settlement infrastructure, rather than just trading liquidity. Brazil was the company's proving ground, with virtual asset cross-border flows classified as foreign exchange operations and institutional volume moving toward bank-grade rails.
Co-founder and CEO Bernardo Brites said stablecoins alone do not solve cross-border payments, but stablecoins combined with regulated local bank infrastructure do. That framing matches the broader shift now visible across payments: dollar tokens are becoming more useful when they are connected to trusted local accounts, compliance workflows and real currency corridors.
CoinFund partner Einar Braathen said Trace has built infrastructure that global businesses are using in one of the world's largest and most complex payment environments, while saving time and costs compared with legacy alternatives.
Trace's valuation has climbed 10 times since its 2022 seed round, underscoring how quickly investor demand is building around regulated stablecoin infrastructure.
The raise leaves Trace positioned less as a crypto payments startup and more as a regulated bridge between global dollar liquidity and emerging-market banking systems.