Mesh, a San Francisco–based crypto payments infrastructure company, raised $75 million in a Series C funding round led by Dragonfly Capital, bringing its total funding to more than $200 million and valuing the company at $1 billion.
The round included participation from Paradigm, Moderne Ventures, SBI Investment, Coinbase Ventures and Liberty City Ventures, according to an announcement on Tuesday.
Mesh said a portion of raised funds was settled using stablecoins rather than traditional banking rails. Mesh will use the funds to expand its crypto payments network across regions including Latin America, Asia and Europe, and to support product development.
Mesh recently expanded into India, citing the country’s large, tech-savvy population and more than $125 billion in annual remittances as factors behind the move.
The company was founded in 2020 and operates a network that connects exchanges, wallets and financial services platforms, allowing users to pay with one digital asset while merchants receive settlement in a stablecoin or fiat currency of their choice. Through its partner integrations, the company reports reaching more than 900 million users worldwide.
Rob Hadick, general partner at Dragonfly, said:
“Payments are entering a new era where value moves as software. Mesh is building the interoperability layer that makes crypto practical at scale: consumers can spend any asset, merchants can settle instantly in the stablecoin or fiat they want, and the complexity stays under the hood.”
Related: Tether rolls out USAt as GENIUS-compliant US stablecoin via Anchorage
Stablecoin infrastructure gets funding
The passage of the GENIUS Act in the United States has coincided with a wave of investment in stablecoin-related infrastructure, as companies position themselves for broader use of dollar-backed tokens in payments and cross-border settlement.
In October, Stripe’s blockchain project, Tempo, raised $500 million in a Series A funding round led by Greenoaks and Thrive Capital, valuing the layer-1network at $5 billion.
The raise came less than two months after Stripe unveiled plans for the blockchain, which the company has positioned as infrastructure optimized for stablecoins and high-scale, real-world payments.
Rain, a US-based stablecoin infrastructure provider, recently raised $250 million in a Series C funding round led by Iconiq, valuing the company at $1.95 billion. The raise brought Rain’s total funding to $338 million, with participation from existing investors including Galaxy Digital, Sapphire Ventures, Dragonfly, Lightspeed, Norwest and Endeavor Catalyst.
Stablecoin infrastructure company VelaFi secured $20 million in a Series B funding round backed by XVC and Ikuyo, bringing its total funding to more than $40 million.
The stablecoin market has grown to $308.3 billion from $204.8 billion January 2025, representing a jump of about 51%, according to DeFiLlama data.
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