Stablecoin payment firms drew $60.5 million of the week's $79.2 million in private crypto rounds
HIFI, Atum and MeshWallet raised $60.5 million for stablecoin payments in the week to Sep. 25, most of crypto's disclosed private funding. The week's one direct bet on a token price came from Forward Industries selling $25 million of stock to buy more Solana.
The Investor · Invest desk
What happened
- Crypto and blockchain companies announced more than $104.2 million across eight disclosed financings between Sep. 19 and Sep. 25, 2026.
- HIFI raised a $37 million Series A led by Left Lane Capital on Sep. 24, the largest venture round of the week.
- Atum's $13.5 million debut and MeshWallet's $10 million private round, added to HIFI's, took disclosed stablecoin payment financing to $60.5 million.
- Forward Industries' $25 million registered direct offering for its Solana treasury is counted in the weekly total but is public-company financing.
Why it matters
- Who's exposed exposure HIFI's Series A investors are paying for fee income that has to come out of more than $7 billion of annual flow, at a rate outsiders cannot yet check.
- What it limits constraint Because Atum neither issues a currency nor holds customer funds, its only product is coordinating transfers, so growth depends on signing financial institutions and card issuers.
- Who's exposed exposure Forward's shareholders carry the week's direct Solana price risk, funded by stock sold to a single institutional investor the filing leaves unnamed.
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Take Forward Industries' $25 million share sale out of the week's $104.2 million, because it is public-company stock, and private crypto financing comes to $79.2 million [5][6][15]. The three payment companies took about 76% of that [16]. Infini's $6 million seed also runs on stablecoin settlement, for accounts, payments, cards and treasury services. Count it and the payment total rises to $66.5 million, about 84% [13][17].
The obvious objection is concentration. HIFI's $37 million is about 47% of private money on its own [1][19]. Take HIFI out of both sides and payments still hold $23.5 million of the remaining $42.2 million, about 56% [18]. Size is the softer point. infiniFi described its round as more than $3 million, and two tracked investments came with no amount, so every share here is calculated on a floor [14][5].
Revenue is harder to see. HIFI said its platform processes more than $7 billion in annualized volume, so the $37 million it raised equals at most about 0.53% of one year of that flow [4][20]. Volume is the only operating figure in the reporting, and the company did not say how much of it HIFI keeps as revenue [4].
The products point toward fees on moving money. Atum says it does not issue a currency or take custody of customer funds [8]. It sells a network that coordinates transfers to financial institutions and stablecoin card issuers, and PayPal Ventures is among its backers [8][7]. HIFI plans to spend on card issuance and tokenized capital markets. It already has a Visa Direct integration for payouts and a connection to the Circle Payments Network [2][3]. MeshWallet's pitch is narrower: send TRC-20 USDT on TRON without keeping a TRX balance for network fees [9].
Forward sold 3,125,000 shares for about $25 million in gross proceeds, or $8.00 a share, to add to the Solana it holds and stakes under a strategy it began in 2025 [11][21]. Among the venture rounds, Robinhood Ventures and Coinbase Ventures joined Foundation Capital's $8 million seed in CatchBack, a marketplace that ties digital mystery packs to physical trading cards, according to RootData [12].
I think the week supports one claim cleanly: private crypto money paid for payment rails [16]. For now, the revenue case depends on HIFI's volume figure [4]. The counter-thesis is that eight deals and one $37 million round add up to an anecdote [5][1]. If the next few weekly tables put payment rounds back under half of private dollars, this week was HIFI plus some smaller rounds [1].
What to watch
- Whether HIFI or Atum disclose revenue or a fee rate that can be set against HIFI's more than $7 billion of annualized volume.
- The final amounts behind infiniFi's round of more than $3 million and the two tracked investments that came with no figure.
- Forward Industries' next filing, for the identity of the buyer of its 3,125,000 shares or an update on its SOL holdings.
Information, not investment advice. This story is general information about companies and markets, drawn from cited reporting. It is not a recommendation to buy, sell or hold any security; check the cited sources before acting.
Clarity's read
What the record supports and how the coverage leans. The claims behind it follow.
Reality
- Evidence58
- Adoption25
- Hype gap+12
- Incentives60
- Confidence65
Claim ledger
Ranked by verification strength, evidence, and original report placement.
- [1]
HIFI announced a $37 million Series A on Sep. 24, led by Left Lane Capital; it was the week's largest venture round.
- [2]
HIFI said the funding will support its stablecoin settlement platform and expansion into card issuance and tokenized capital markets.
- [3]
HIFI, a New York company, cites a Visa Direct integration for payouts and a connection to the Circle Payments Network.
- [4]
HIFI said its platform processes more than $7 billion in annualized volume, a business measure separate from the amount raised.
- [5]
Crypto and blockchain companies announced more than $104.2 million across eight disclosed financings from Sep. 19 to Sep. 25, 2026; the total is a floor.
- [6]
The total includes Forward Industries' $25 million registered direct stock offering for its Solana treasury strategy, which is public-company financing rather than venture capital.
- [7]
Atum announced $13.5 million in funding as it emerged from stealth on Sep. 22; its investors include Variant, PayPal Ventures, Abstract Ventures, Road Capital, Mirana Ventures, First Commit and Credibly Neutral.
- [8]
Atum is building a network to coordinate transfers across stablecoins, blockchains and other payment systems; it says it does not issue a currency or take custody of customer funds, and it targets financial institutions and stablecoin card issuers.
- [9]
TRON-based MeshWallet's product lets users send TRC-20 USDT without keeping a separate TRX balance for network fees.
- [10]
MeshWallet raised $10 million in a private round; together with HIFI's and Atum's rounds, disclosed payment-related financing reached $60.5 million for the week.
- [11]
Forward Industries sold 3,125,000 common shares to an institutional investor for approximately $25 million in gross proceeds before fees and expenses, to expand its SOL treasury; it holds and stakes Solana under a digital-asset strategy begun in 2025; the filing does not name the buyer.
- [12]
CatchBack raised an $8 million seed led by Foundation Capital, with Y Combinator, Robinhood Ventures, Coinbase Ventures and the Solana Foundation participating; it links digital mystery packs to physical trading cards that users can trade or redeem.
- [13]
Infini announced the close of a $6 million seed on Sep. 22; its platform uses stablecoin settlement for accounts, payments, cards and treasury services.
- [14]
infiniFi described its new round as more than $3 million, and two other tracked investments had no disclosed amount.
- [15]
Private (non-public-offering) crypto financing for the week was $79.2 million.
- [16]
Stablecoin payment rounds were about 76% of private financing.
- [17]
Including Infini, stablecoin settlement companies raised $66.5 million, about 84% of private financing.
- [18]
Excluding HIFI, payment rounds were $23.5 million of $42.2 million in private financing, about 56%.
- [19]
HIFI's round was about 47% of the week's private financing.
- [20]
HIFI's $37 million raise equals at most about 0.53% of its stated annualized volume.
- [21]
Forward Industries' offering priced at about $8.00 per share.
Sources
2 independent publishers whose own reporting we read for this story.
- cointelegraph.comHIFI Raises $37M for Stablecoin Payments, Tokenized Markets
1 article · September 24, 2026
- crypto.newsCrypto VC funding: HIFI raises $37M, Atum secures $13.5M
1 article · September 25, 2026