Transak Secures $16 Million Funding for Stablecoin Expansion

Web3 payment company Transak has raised $16 million in funding, co-led by IDG Capital and Tether, to expand its stablecoin network globally. The investment will enable the company to strengthen its market presence amidst regulatory approvals across major regions. This move comes as Transak’s stablecoin trading volume, currently 30% of their $2 billion total volume, is expected to grow following recent funding. Transak’s plans include expanding its stablecoin payment stack and entering new markets. The investment from Tether, which holds over 60% of the stablecoin market share, is seen as a significant endorsement of Transak’s growth potential.