• Code & State raised USD 3M from Warburg Serres and KR1 to support the next wave of stablecoin startups.
• The Dubai-based venture studio focuses on expanding real-world stablecoin adoption by providing funding, infrastructure, and expert guidance to emerging projects.
• With stablecoin transactions surpassing USD 15T in 2024, the sector’s rapid growth highlights the demand for innovation.

Code & State

What happened? Code & State raised USD 3 million to support the next wave of stablecoin startups. The funding round was backed by the Warburg Serres and KR1.

What will they do with the funding? With the newly acquired capital, Code & State aims to incubate projects focused on expanding real world adoption of stablecoins.

Who are they? Code & State is a Dubai-based venture studio specializing in stablecoin innovation.

 Artia Moghbel, Co-Founder at Code & State, said, “Our clear focus on stablecoin ventures creates network effects for all our in-house ventures.”

Beyond capital, the studio seeks to provide mentorship and infrastructure to startups solving key challenges in the stablecoin space. This ranges from payment systems and remittances to compliance and security. 

Stablecoin

Why does this matter? The stablecoin sector is experiencing growth with global transaction volumes exceeding USD 15 trillion in 2024. Furthermore, the increasing adoption of stablecoins for cross-border payments, everyday transactions and decentralized finance (DEFi)  underscores the need for robust infrastructure and innovation in the space.

Cédric Waldburger, a founding investor in Liquity (LUSD stablecoin) said  “We believe that the total market cap of stablecoins will 10x in the next five years to over 1.5 trillion dollars.” 

Currently Code & State are actively seeking entrepreneurs in residence to develop stablecoin-focused ventures within the studio. The venture studio aims to give these selected founders hands-on support, funding, and access to a network of investors and experts. Moreover, the program is designed to support innovative projects from concept to market-ready solutions. The studio aims to ensure that these new startups have a good chance at succeeding.