Zerohash, a crypto and stablecoin infrastructure startup, is reportedly close to raising approximately $100 million in a funding round that would value the company at nearly $1 billion. According to a report citing two anonymous said that the publicly traded online brokerage Interactive Brokers is leading the investment.

The new fundraise follows Zerohash’s Series D round in 2022, when it secured $105 million from investors including Bain Capital and Point72 Ventures. That round valued the company at $340 million, highlighting the rapid increase in its valuation.

Founded in 2017, Zerohash provides the backend infrastructure that enables banks, brokerages, and fintech companies to offer cryptocurrencies, NFTs, and other digital assets to their customers. The company has since become a key player in the stablecoin sector, helping clients like fintech giant Stripe facilitate conversions from cash to stablecoins through its network of banking relationships. It has also worked with firms like Securitize to help traditional finance titans, including Blackrock, enter the asset tokenization space.

Zerohash is not the only stablecoin-focused startup attracting significant capital. The investment frenzy has been described as a “stablecoin summer.” In December, BVNK raised $50 million at a valuation of around $750 million, and in March, Mesh announced an $82 million funding round. More recently, Agora, a stablecoin company co-founded by Nick van Eck, secured $50 million in a round led by crypto investor Paradigm.

This surge in investment is being driven by several factors including the legislative progress in the United States where the U.S. Senate recently passed a bill to regulate stablecoins. The unprecedented success of pioneering stablecoin issuers, particularly Tether and Circle, has profoundly reshaped the financial landscape and ignited a race among companies, both established and new, to launch their own dollar-backed digital assets. With a staggering market capitalization of over $160 billion, Tether’s USDT remains the dominant force, while Circle’s USDC, with a market cap of around $62 billion, solidifies its position as a trusted and regulated digital dollar.

Amid this regulatory push and market boom, major corporations are showing increased interest in the technology. Big tech firms like Meta, Apple, and Google, as well as retailers such as Walmart and Amazon, have reportedly spoken with crypto companies about integrating stablecoins into their payments infrastructure.

Unlike companies that issue their own stablecoins, Zerohash serves as the vital “connective tissue” for the ecosystem. Its developer tools allow customers to seamlessly move between cash and stablecoins, positioning the company as a crucial intermediary amidst the skyrocketing demand for stablecoin services.

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