Solana-based multisig protocol Squads has raised $18 million in a strategic equity round to expand its stablecoin platform Altitude, reinforcing Solana's role as a settlement layer for enterprise dollar-based treasuries. The round was led by Solana Ventures, with participation from Coinbase Ventures, Haun Ventures, L1D, and other investors, as reported by The Block.
This latest financing brings Squads' total funding to $42.9 million. The protocol is a core infrastructure provider in the Solana ecosystem, offering multisig smart accounts and treasury management tools widely used by DAOs, teams, and protocols as the network's de facto multisig standard. The new capital will be directed primarily toward scaling Altitude, a stablecoin-native business account that enables companies to use self-custody accounts for 24/7 global stablecoin payments, payroll, vendor payouts, and dollar cash management. Altitude integrates compliance and risk-control layers, aiming to transform Solana into a back-end settlement rail for dollar-denominated cash management, leveraging the chain's high throughput and low fees.
As of April 29, 2026, Solana (SOL) is trading around $84, with a market capitalization near $48 billion. On prediction platform Polymarket, traders see the $80–$90 range as the most likely closing band for SOL, suggesting the market views this as consolidation rather than a breakout catalyst. The Squads funding news strengthens the fundamental narrative for Solana as an enterprise-grade stablecoin and treasury infrastructure base layer, but arrives amid modest short-term price weakness and broader risk-off sentiment in major cryptocurrencies. In the near term, the announcement is more likely to support sentiment and ecosystem narrative than to drive an immediate SOL price re-rating. Traders will watch whether Altitude can meaningfully grow on-chain stablecoin balances and transaction volumes on Solana in coming quarters, which could reinforce fee revenue and network usage metrics historically correlated with stronger medium-term price performance. Until concrete adoption data emerges, SOL's price action is expected to remain anchored in the current $80–$90 range, with the Squads round serving as a constructive but incremental bullish data point.
Previously, Squads raised $24.9 million in earlier rounds from investors including Multicoin Capital and Jump Crypto. The platform launched Altitude in early 2024, allowing users to mint, burn, and transfer stablecoins with built-in KYC/AML compliance features. Squads differentiates itself from competitors like Circle's USDC infrastructure and Paxos by focusing on Solana's high-speed, low-cost network, making it suitable for high-volume stablecoin applications. The company plans to expand into Asia and Europe, where demand for stablecoin-based payment solutions is growing.
