Conduit, a Boston-based cross-border payments platform leveraging stablecoins, announced the successful closure of a $36 million Series A funding round co-led by Dragonfly and Altos Ventures. The round also included participation from Sound Ventures, Commerce Ventures, DCG, Circle Ventures (issuer of the USDC stablecoin), and existing investors Helios Digital Ventures and Portage Ventures.
Conduit's network integrates stablecoins with USD and multiple local currencies to offer businesses a faster, cheaper, and more reliable alternative to the legacy SWIFT system for international transactions. Connected to over two dozen banks across North America, Latin America, Europe, and other regions, the platform facilitates instant settlement of transactions in seconds rather than days.
Since its founding in 2021, Conduit has experienced rapid growth, with transaction volumes increasing 16-fold between 2023 and 2024. The platform has saved clients over 60,000 hours in settlement times and more than $55 million in fees. Its infrastructure bridges crypto-native technology and traditional finance, offering programmable global transactions with integrated anti-money laundering (AML), sanctions screening, and transaction monitoring.
The funding will be used to accelerate geographic expansion into Asia and strengthen offerings in Mexico and other markets. Conduit also aims to support a broader range of traditional fiat and digital currencies through its real-time payment rails. By addressing inefficiencies and restrictions faced by businesses in emerging markets, the company positions itself as a critical infrastructure provider for the global economy.
Notably, Circle Ventures' backing highlights confidence in USDC's growing adoption, as the stablecoin market capitalization surged 54% over the past year to $247 billion, according to DefiLlama. Circle itself is preparing for a significant public offering aiming to raise $624 million.
