WasabiCard has raised $10 million in a Pre‑A funding round, signaling intensifying competition around the infrastructure powering stablecoin payments rather than the consumer-facing products built on top of it. The round included Vernal Capital, Avenir Group, Vision Plus Capital, and 01VC, with proceeds earmarked for expanding card issuance networks and strengthening global compliance systems.
Funding highlights shift toward infrastructure
The funding arrives as the stablecoin payments sector pivots away from front-end card brands and toward backend platforms that handle issuance, settlement, and regulatory requirements. WasabiCard, which has issued over 500,000 cards and processed more than $1 billion in transactions, positions itself as an infrastructure provider offering multi-chain integration across Avalanche, Arbitrum, and BNB Chain, along with API-based payout and compliance tools.
Market disruption exposes reliance on issuers
Shortly after the funding announcement, Fiat24 halted new account openings in mainland China, disrupting several crypto-linked card services dependent on its issuance capabilities. The move highlighted a structural vulnerability in the sector: many card programs rely on a small number of licensed intermediaries, creating single points of failure when regulatory or operational conditions change.
Stablecoin usage accelerates globally
Adoption continues to grow rapidly. Fireblocks reports that roughly 90% of surveyed institutions have engaged with stablecoin payments, with nearly half actively using them for transactions. On-chain transfer volume reached $33 trillion in 2025, up 72% year over year and surpassing the combined throughput of Visa and Mastercard. Momentum has carried into 2026, with $4.5 trillion in volume recorded in the first quarter alone, much of it driven by activity in Asia.
At the same time, stablecoin velocity has increased significantly since 2024, indicating a shift from passive holding toward active use in payments, payroll, and cross-border settlements.
Traditional payment giants expand into stablecoins
Legacy payment companies are embedding stablecoin capabilities into their systems. Stripe acquired Bridge for $1.1 billion in 2024, while Mastercard is preparing a deal to acquire BVNK for up to $1.8 billion and has begun integrating regulated stablecoins such as USDC across multiple blockchains. Visa is also expanding stablecoin-linked card programs to more than 100 countries.
These moves reflect rising demand for infrastructure that can deliver reliable payouts and compliance at scale. Fireblocks data shows 41% of financial institutions prioritize payout reliability, with 34% emphasizing compliance as the next key factor.
Infrastructure providers gain strategic advantage
Retail-focused crypto card programs continue to attract large user bases, but they often depend on third-party issuers and compliance partners. In contrast, backend providers like BVNK, processing tens of billions annually, are drawing attention from global payment firms and commanding high valuations.
WasabiCard’s expansion strategy aligns with this trend, focusing on multi-bank integrations and regulatory frameworks that support enterprise clients rather than direct consumer branding.
Regulatory pressure shapes market access
Access to stablecoin payment tools remains highly sensitive to jurisdictional rules. The Fiat24 suspension underscores how quickly services can be restricted when regulatory conditions shift. Upcoming frameworks such as Europe’s MiCA rules are expected to further define which firms can operate and under what conditions.
Outlook shifts to core payment architecture
The latest developments point to a deeper transformation in how stablecoin payments are built and delivered. Competition is moving below the surface, into the core systems that enable global issuance and settlement. As stablecoins expand into mainstream financial activity, infrastructure providers are emerging as the key players shaping reliability, scalability, and long-term adoption.
To explore how stablecoins reshape payments and regulation, read why 2026 could redefine the role of global stablecoins next.
Disclaimer: The content on this page is provided for general informational purposes only and does not represent the views or financial advice of Toobit. We make no guarantees regarding the accuracy or completeness of this information and shall not be held liable for any errors, omissions, or outcomes resulting from its use. Investing in digital assets involves risk; users should independently evaluate their financial situation and the risks involved. For further details, please consult our Terms of Service and Risk Disclosure.
