Stablecoin fever is still running hot. Zerohash, a crypto and stablecoin infrastructure startup, is set to raise about $100 million at nearly a $1 billion valuation, according to two sources familiar with the deal. The publicly traded online brokerage Interactive Brokers is leading the funding round, said the two sources, who spoke to Fortune on the condition of anonymity to discuss private business dealings.
Spokespeople for Zerohash and Interactive Brokers declined to comment.
The fundraise follows Zerohash’s Series D from 2022, when the company raised $105 million from investors including Bain Capital, Nyca, and Point72 Ventures. The Series D valued the company at $340 million, according to data from PitchBook.
Founded in 2017, Zerohash (formerly styled as Zero Hash) provides backend infrastructure that helps banks, brokerages, as well as fintech companies offer cryptocurrencies, NFTs, and other digital assets to their customers. Now, the company has become an influential player in the hot sector of stablecoins, or cryptocurrencies pegged to underlying assets like the U.S. dollar.
Zerohash partnered with Stripe to help the fintech giant’s customers go from cash to stablecoins through Zerohash’s network of banking relationships and regulatory licenses. It has also worked with Securitize, another crypto startup, to help traditional finance titans like BlackRock and Franklin Templeton enter the tokenization race, or when issuers put traditional financial assets like money market funds into blockchain wrappers. Zerohash lets customers exchange stablecoins for tokenized assets. Other Zerohash clients include prediction marketplace Kalshi as well as neobank MoneyLion.
Stablecoin summer
Zerohash isn’t the only stablecoin startup to attract tens of millions of dollars in venture capital over the past year. After Stripe announced its acquisition of the stablecoin company Bridge for $1.1 billion in October, similarly positioned startups have raked in investor funds.
In December, BVNK raised $50 million in a Series B that valued it at around $750 million. In March, Mesh said it had raised $82 million. And on Thursday, Nick van Eck, son of noteworthy investment management CEO Jan van Eck, announced that Agora, a stablecoin company he cofounded, had raised $50 million in a round led by longtime crypto investor Paradigm.
The Bridge acquisition is just one reason why investors are piling into stablecoins. The crypto markets are frothy again as Bitcoin has repeatedly notched new all-time highs in 2025. In early June, the stablecoin issuer Circle went public in a gangbusters IPO. Its shares have more than quintupled since its stock started trading on the New York Stock Exchange. The company’s market capitalization is around $46 billion as of Friday morning.
And in mid-June, the Senate passed a bill that would regulate crypto assets. The House is now considering the legislation.
Amid the regulatory push and crypto boom, Fortune 500 companies have shown interest in the technology. Retailers like Walmart and Amazon are looking into stablecoin adoption. And Big Tech firms like Meta, Apple, Airbnb, and Google have all spoken with crypto companies since January about integrating stablecoins into their payments infrastructure.
As opposed to issuers like Agora, which has its own stablecoin and creates white-label tokens for its partners, Zerohash acts as the connective tissue for the stablecoin ecosystem. Its tools for developers let customers more easily go between cash and stablecoins, serving as an intermediary amid skyrocketing demand for the sector.
