Trace Finance Closes $32M Series A to Expand Stablecoin Payment Rails Across Latin America
Trace Finance, a Brazil-based stablecoin infrastructure company, has raised $32 million in a Series A round led by CoinFund, with participation from Coinbase Ventures, Haun Ventures, Jump Capital, Paxos, Chainlink Labs, HOF Capital, and Solana co-founder Anatoly Yakovenko. The raise values the company at roughly 10 times its seed-round valuation, a figure that could not be independently verified before publication and is pending direct confirmation from Trace Finance and CoinFund. The round comes as global stablecoin market capitalization hit an all-time high of $321 billion in May 2026, according to available market data.
The company operates a regulated payments API that converts Brazilian Real to stablecoins, primarily USDC, using Brazil's PIX instant payment network. Conversions settle in under 60 seconds. Trace Finance operates as a banking correspondent under institutions that hold authorization from the Central Bank of Brazil, which means the compliance layer including KYC and AML checks is built into the infrastructure rather than left to the businesses using it.
Clients include dLocal, Bitso, OKX, and Mercado Bitcoin. The company has processed $10 billion in total transaction volume across 15 or more countries.
Brazil is the anchor market for a reason. In the first quarter of 2026, stablecoins accounted for 98 percent of all crypto purchases in the country, totaling $6.8 billion out of $6.9 billion in total crypto volume, according to data cited by MEXC News and RioTimes. PIX, which the Central Bank launched in 2020, now has over 150 million registered users and provides the settlement backbone that makes near-instant fiat conversions possible. Trace Finance's model lets international companies accept local Brazilian payments, pay local vendors, and move funds across borders without setting up a local legal entity.
The investor lineup carries strategic weight beyond capital. Paxos, which issues white-label stablecoins for partners including PayPal, brings potential commercial overlap with Trace Finance's infrastructure. Chainlink Labs, whose price-feed oracles sit inside stablecoin systems run by major issuers, has been making strategic investments in payments infrastructure adjacent to its core oracle business. In this publication's view, the combination of a stablecoin issuer and an oracle provider as co-investors in the same payments rail raises the possibility of tighter technical integration down the line.
Chainlink Labs Chief Business Officer Johann Eid has previously stated, in a Chainlink newsroom post on stablecoin infrastructure broadly, that stablecoins "must prove they are backed by real off-chain value," pointing to secure data infrastructure as essential for distribution across decentralized finance. That statement was made in a general context and was not issued in connection with the Trace Finance raise.
Haun Ventures, another co-investor, has established a clear track record in this category. It backed Bridge at a $100 million valuation before Stripe acquired the company for $1.1 billion, and it backed BVNK at a $678 million valuation before Mastercard acquired it for $1.8 billion in March 2026, the largest stablecoin-related acquisition on record.
Haun closed a fresh $1 billion fund in May 2026 focused explicitly on financial infrastructure, stablecoin rails, and payment tooling for AI agents. The Trace Finance investment aligns closely with that stated thesis.
The raise comes against a complicated regulatory backdrop in Brazil. The Central Bank issued three framework resolutions, BCB Nos. 519, 520, and 521, in November 2025 that took effect in February 2026, establishing a formal licensing regime for crypto asset service providers, also referred to as virtual asset service providers (VASPs), and classifying stablecoin transactions in international transfers as foreign exchange operations.
Then in May 2026, the bank issued a further resolution banning eFX providers from using stablecoins or crypto assets to settle overseas remittances on the back end.
That rule takes effect in October 2026 and directly affects companies that have routed cross-border payment settlement through stablecoin infrastructure. In this publication's analysis, Trace Finance's model focuses on on/off-ramp tooling and multi-currency accounts rather than direct remittance settlement, a structural distinction that may give it more flexibility as the October deadline approaches. How the company navigates that line will be worth watching.
For builders and fintech operators outside Latin America, the Trace Finance raise is a relevant market signal. The same dynamics driving stablecoin adoption in Brazil, constrained FX access, currency volatility, and limited cross-border banking infrastructure, are present across Sub-Saharan Africa and South Asia. Nigeria processed roughly $22 billion in stablecoin transactions between mid-2023 and mid-2024, according to data cited by AllAfrica drawing on IMF reporting. Kenya ranks among the top countries globally in stablecoin transaction volume, according to multiple industry trackers, though that specific ranking warrants confirmation from a primary source such as the Chainalysis Geography of Crypto report. South Asia saw stablecoin adoption grow 340 percent year-on-year to $12.3 billion, according to data from payments firm Tazapay.
Comparable raises are already appearing: TransFi pulled in $19 million in March 2026 targeting African and Latin American corridors, and OpenTrade raised $17 million in May 2026 for stablecoin yield products. Trace Finance's $10 billion in processed volume and its reported valuation step-up from seed give founders in Lagos, Nairobi, Dhaka, and Mumbai a concrete data point to bring to local investors considering the same category.
Trace Finance has stated a geographic reach spanning 50 or more markets, though whether that figure reflects current live coverage, markets in active pipeline, or longer-term expansion targets is pending confirmation from the company. With regulatory frameworks for crypto asset service providers now advancing across Brazil, Sub-Saharan Africa, and South Asia, the pace of that expansion will depend as much on compliance groundwork as on capital.