Stablecoin Builders & Investors & Regulators - Capital Concentration

The Anvesan Stablecoin Company Funding Report is out! Over the past four months we built and stress-tested the most comprehensive public dataset of stablecoin company funding. • 111 funding events. • $5.02B in disclosed capital. • 89 unique companies. Two key findings are at the center of the report. First, capital concentration is more extreme than the deal count suggests. The top 5 rounds since 2024 hold 52.8% of all disclosed capital. The top 10 hold 65%. The remaining 100+ deals split the rest, and almost half of all deals split just 5%. Most commentary about stablecoin funding prioritizes deal count. But the dollar story is one of extreme concentration. We see two coexisting tiers inside the same sector: a tiny institutional tier writing infrastructure megabets, and a sprawling early-stage layer writing seed checks. Second, the 2025 to 2026 inflection is TradFi taking equity in stablecoin rails. Two TradFi names entered the sector in 2024. More than 20 new TradFi names made their first stablecoin bet in 2025. The 2026 escalation moves up-market: BlackRock, ICONIQ, DST Global, QED, Barclays. These are equity rounds in SWIFT-adjacent settlement plumbing, not token bets. The report covers: • Capital concentration and the seed-to-Series-A wall now forming • The TradFi entry sequence, named investor by named investor • Tether's vertical integration across seven layers of the stablecoin stack • Five stealth operators that raised $50M+ with limited public profile • Five policy lenses on $5B deployed ahead of any final US framework Link available in comments. If you are building, funding, or regulating in this space, I would like to hear from you.