Cyclops raises $20 million for stablecoin payment settlement platform
The Miami startup plans to use the Series A funding to expand tools that help payment companies settle transactions faster with stablecoins.
By Hana Yoshida · Markets Reporter
3 min read
Cyclops has raised $20 million in Series A funding to expand its stablecoin infrastructure for payment companies, Fortune reported Wednesday. The Miami-based startup is targeting a payments market where many providers still depend on bank rails that can slow transfers outside business hours and on weekends.
The company sells a single infrastructure platform that lets payment firms add crypto and stablecoin services for settlement and cross-border transfers, according to Fortune. Cyclops says the product is designed for companies that want those capabilities without creating the systems in-house.
Nava Ventures led the round, Fortune reported. Castle Island Ventures, Coinbase Ventures, Circle, Lasagna Ventures and GPT Ventures also participated. Cyclops did not disclose the valuation tied to the financing, according to Fortune.
The new capital follows an $8 million seed round announced in March, Fortune reported. The company was founded by co-CEO Alex Wilson, Pat Duffy and David Johnson.
From crypto donations to payments infrastructure
Wilson and Duffy previously co-founded The Giving Block in 2018, a company focused on crypto and stablecoin services for charities, according to Fortune. Wilson said the company had to persuade nonprofits to test crypto donations at a time when digital assets had less mainstream acceptance.
The Giving Block eventually worked with organizations including Save the Children and St. Jude, Fortune reported. The founders later sold the business to payments company Shift4.
Wilson became head of crypto and stablecoins at Shift4, where he worked on bringing stablecoin settlement to more than 300,000 merchants, according to Fortune. That work led the founders to see demand for a dedicated payments-focused platform, Fortune reported.
Nava Ventures partner Kevin Chenault told Fortune that Cyclops’ experience in payments helped set it apart from other companies in the sector. Chenault said the team understands where stablecoin tools can address gaps in how money is moved.
Licensing and customers
Cyclops has offices in Miami and Vienna, Austria, according to Fortune. The company has begun licensing processes in the United States and Europe and is following customer demand in global markets, Fortune reported.
Shift4 Payments and Mastercard are among Cyclops’ current customers, according to Fortune. The company’s pitch comes as payment providers weigh stablecoins as a way to reduce settlement delays and support cross-border activity.
Stablecoins are digital tokens pegged to fiat currencies and issued by companies rather than central banks, Fortune reported. Tether’s USDT and Circle’s USDC are among the largest stablecoins in circulation.
The sector has grown sharply since 2024, according to DefiLlama data cited by Fortune. Stablecoin market capitalization has risen 137% to nearly $310 billion, DefiLlama data showed.
U.S. rules for the sector have also changed, Fortune reported. President Donald Trump signed the GENIUS Act into law last July, creating a regulatory framework for dollar-backed stablecoins in the United States.
GPT Ventures general partner Javier Pérez, who spent nearly 25 years at Mastercard, told Fortune that stablecoins are a natural next step for payments. He said broader adoption could make transfers faster, cheaper and more widely available.
This story draws on original reporting from Fortune.