Tether backs Mural’s $15M push to unify stablecoin and fiat payments

North Island Ventures also participated. The funding pushes Mural’s total raised capital to $28 million since its 2022 launch, though the company has not shared its valuation. The round suggests growing appetite for infrastructure that merges stablecoins with conventional financial systems, as businesses seek alternatives to the complexity of cross-border transactions.

Mural’s platform lets users hold and move traditional currencies, local money, and stablecoins through a single account. The company says this approach could reduce the need for businesses to juggle multiple banks, payment providers, and compliance processes. According to the source material, Mural’s clients include payroll providers, software companies, and fintechs, which use the platform to offer financial services without developing their own payment rails. CEO Sinclair Toffa has described the system as a way to standardize these workflows.

Tether’s involvement points to a belief that stablecoins will play a larger role in automated financial services. Tether CEO Paolo Ardoino has suggested that future AI-driven transactions will require payment systems that operate globally and without downtime. Stablecoins, which are pegged to assets like the U.S. dollar, can settle transactions quickly and cheaply compared to traditional methods. Data referenced in the source material indicates rising stablecoin usage: one report estimated $400 billion in payments during the first eight months of 2026, while another tracked $220 billion in cross-border flows over a 12-month period, showing significant year-over-year growth.

Still, businesses face persistent challenges. Mural’s founders—Sinclair Toffa and Chris Fernandes, both former Palantir engineers—say they built the company after observing these inefficiencies. Toffa’s interest in payments began during a trip to Togo as a teenager, where he saw firsthand how slow and expensive remittances could be. Later, while working at Palantir, the founders noticed how enterprises struggled to integrate disparate financial systems. They believe blockchain and stablecoins could address these issues. The name “Mural” was chosen to reflect collaboration, with the founders envisioning a shared platform for financial services.

Mural has not disclosed specific plans for the new funding, but the focus appears to be on expanding its platform. Earlier StartupReader coverage highlighted Barq’s $329.5 million Series A, another fintech in the digital payments space, though Barq’s $1.85 billion valuation far exceeds Mural’s current scale.

Mural’s funding comes as stablecoin regulation continues to evolve, particularly in the U.S. While the technology offers potential efficiencies, compliance risks and regulatory uncertainty may slow broader adoption. The startup’s messaging around building a “compliant” system suggests it is prioritizing these concerns, but it’s unclear how many businesses will adopt stablecoin-based solutions over existing options. For now, Tether’s backing signals confidence in Mural’s approach, though the market will be watching for signs of real-world traction beyond early adopters.

Sources: kucoin.com