Verse-capital investors have paid nearly $ 100 million into Stablecoin startups, supporting new infrastructure for programmable money.
M0, a Swiss-based platform which allows developers to publish personalized stablescoins, announced an increase of $ 40 million in the B series led Thursday by Polychain Capital and Ribbit Capital. Founded in 2023, the company has teamed up with projects such as Metamask and Playtron to integrate its infrastructure into consumer -oriented applications.
Another increase in Stablecoin’s infrastructure came from rain, an American startup developing tools so that banks emit regulated stablecoins. The company has obtained $ 58 million in a B standard led by Sapphire Ventures, with the support of Dragonfly, Galaxy Ventures and Samsung, bringing its total funding to $ 88.5 million.
The announcements occurred while the market capitalization of Stablecoin reached a record of $ 280 billion on Thursday, according to Defilma data.
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Different paths to programmable money
The financing rounds highlight the renewed interests of investors for “programmable money” (PM), a digital currency with integrated rules which dictate how it can be used. Unlike subsidies or traditional good, these conditions are automatically applied via blockchains and smart contracts by transmitters. A common analogy is the food coupons limited to the grocery store.
Although all stablecoins are technically programmable because they run on blockchains, most work like simple payment tokens. What distinguishes M0 and Rain services is that programmability is built directly in their design.
M0 provides rails for the issuance of stablescoins specific to the application with integrated rules for liquidity, access and use. One of its customers, Playtron, has directly integrated a “dollar” of play powered by M0 in its portable game system.
Rain focuses on the flow of funds, allowing payroll in real time and in accordance with more than 100 jurisdictions thanks to its partnership with Toku. He also extended to Solana, Tron and Stellar to support programmable cards and spending programs on several channels.
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Test of PM governments and startups
The programmable money has been changing for some time, and M0 and the rain are not alone in the pursuit.
In July 2024, Kazakhstan launched a pilot program using its CBDC Digital Tenge to finance a rail link with China. The “marked” or programmable token has been scheduled to pay payment only when the designated steps were respected, in order to ensure greater transparency and responsibility in the delivery of state infrastructure.
In October 2024, the Kazakhstan National Bank carried out another programmability pilot showing that VAT reimbursements could be treated much more effectively – reducing the waiting time from 70 to 75 days to 10 to 15 days by automating eligibility controls.
In May, the Digital Roupie Pilot of the Monetary Authority of India developed to include features such as programmability and offline capacities, aimed at improving accessibility and adapting payment flows.
https://www.youtube.com/watch?v=ry9mi57pbjs
This use of money programmable by governments did not go without criticism. Financial analyst Susie Violet Ward, co-founder and CEO of The Think Tank Bitcoin Policy Uk, was warned about the chain reaction of Cointelegraph Daily Space on August 21 that CBCDs could constitute “the armament of money in its purest form”.
But the experiment was not limited to governments. Private sector projects also push programmability in digital money for a variety of use cases.
In June 2024, Circle introduced programmable portfolios and service station stations on Solana, allowing transactions based on the USDC to trigger intelligent contracts independently or automatically manage transaction costs.
More recently, in July 2025, the Startup Blockchain Infrastructure Startup Tradeos launched a program of programmable settlement for world trade. The platform links Stablecoin payments to real world results, verified by cryptographic evidence, allowing automated and conditional payments in commercial scenarios.
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