NAUT tracks 47 stablecoin investors that each backed 2 or more rounds at stablecoin startups, and 22 of them backed 3 or more, in rounds dated from December 2017 to October 2026. The most repeat backers on NAUT's record, read 14 November 2026, are Alliance DAO on 8 rounds, Binance Labs on 7 and CMS Holdings on 6.
How this list was built: on 14 November 2026 NAUT read every backer row on rounds at live companies it tags Stablecoins, counting crypto investors that are firms only (angels and other people left out). NAUT holds 136 rounds at 58 such companies, and 61 of those rounds, at 41 companies, have at least 1 investor firm as a backer on record. 3 companies were taken out because their own NAUT description names a different product: Diva and Tenderize (liquid staking) and Algomint (bringing BTC and ETH to Algorand). That leaves 58 rounds at 38 companies and 144 investor firms, 19 of those rounds undated. The list mixes venture funds with an accelerator (Alliance DAO), exchange arms and trading firms (Wintermute, GSR, Amber Group), so it says investors throughout, and stablecoin VCs only where a fund is one. Separately, 20 backer-and-round pairs were checked against press coverage: 18 came back confirmed and 2 were not found in the source read.
Which funds invest in stablecoin startups?
These are the 22 stablecoin investors on 3 or more rounds, ranked by stablecoin rounds on NAUT's record, ties in alphabetical order. Rounds is stablecoin rounds on NAUT's record, Companies is the stablecoin companies backed, and Newest is the newest dated round.
| # | Investor | Rounds | Companies | Newest |
|---|---|---|---|---|
| 1 |  Alliance DAO |
8 | 7 | 18 Jan 2022 |
| 2 |  Binance Labs |
7 | 6 | 29 Aug 2018 |
| 3 |  CMS Holdings |
6 | 5 | 18 Jan 2022 |
| 4 |  Coinbase Ventures |
5 | 5 | 14 Jul 2026 |
| 5 |  Hypersphere Ventures |
5 | 3 | 23 Dec 2024 |
| 6 |  The Spartan Group |
5 | 4 | 23 Jan 2026 |
| 7 |  Amber Group |
4 | 4 | 23 Dec 2024 |
| 8 |  DeFiance Capital |
4 | 3 | 18 Jan 2022 |
| 9 |  Dragonfly |
4 | 3 | 14 Jul 2026 |
| 10 |  FBG Capital |
4 | 4 | 8 Apr 2021 |
| 11 |  Polychain Capital |
4 | 4 | 24 Feb 2025 |
| 12 |  Wintermute |
4 | 4 | 14 Jul 2026 |
| 13 |  Arrington Capital |
3 | 3 | 16 Apr 2025 |
| 14 |  Breed VC |
3 | 2 | None dated |
| 15 |  Faction |
3 | 3 | 3 Dec 2024 |
| 16 |  Galaxy Digital (Ventures) |
3 | 3 | 23 Dec 2024 |
| 17 |  GSR |
3 | 2 | 23 Dec 2024 |
| 18 |  Hashed |
3 | 3 | 3 Dec 2024 |
| 19 |  HTX Ventures |
3 | 3 | 19 Jul 2023 |
| 20 |  OKX Ventures |
3 | 3 | 23 Dec 2024 |
| 21 |  ParaFi Capital |
3 | 3 | 18 Jan 2022 |
| 22 |  PNYX Ventures |
3 | 2 | 8 Apr 2021 |
The other 25 of the 47 sit on exactly 2 rounds each. Each investor's NAUT page lists its full portfolio and team.
Which stablecoin investors back the most rounds?
6 investors sit on 5 or more rounds and 12 on 4 or more; the next 10 in the table have 3 each.
Which stablecoin startups has each investor backed?
The companies behind each count, on NAUT's record:
- Alliance DAO: Hubble Protocol (2 rounds), Qiro Finance, USD.AI, inshAllahfi, uselulo, minteocom and niuralHQ. 6 of its 8 records are undated $350,000 accelerator entries.
- Binance Labs: Terra Luna Classic, USD.AI, AllScale (2 rounds), Ethena, Perena and Lista DAO. 6 of its 7 records are undated, so its newest dated round is the $32M Terra Luna Classic round of 29 August 2018.
- CMS Holdings: Hubble Protocol (2 rounds), UXD Protocol, Equilibrium, DefiDollar DAO and Acala.
- Coinbase Ventures: Velocity, Resolv, Usual, Terra Luna Classic and Credit Coop.
- Hypersphere Ventures: Usual (3 records), Equilibrium and Acala.
- The Spartan Group: River, GAIB, Hubble Protocol (2 rounds) and Acala.
- Amber Group: Usual, Sperax, GAIB and AllScale.
- DeFiance Capital: Hubble Protocol (2 rounds), UXD Protocol and Smoothy.
- Dragonfly: Velocity, Ethena (2 rounds) and USD.AI.
- FBG Capital: Equilibrium, Sperax, Terra Luna Classic and Maker DAO.
- Polychain Capital: Ethena, Acala, Terra Luna Classic and Maker DAO.
- Wintermute: Velocity, Usual, Ethena and Angle.
- Arrington Capital: Resolv, Acala and Terra Luna Classic.
- Breed VC: Perena and Usual (2 records), all 3 undated.
- Faction: GAIB, Ethena and Credit Coop.
- Galaxy Digital (Ventures): Usual, Ethena and Terra Luna Classic.
- GSR: Usual (2 records) and Ethena.
- Hashed: GAIB, Smoothy and Terra Luna Classic.
- HTX Ventures: Ethena, dForce and Terra Luna Classic.
- OKX Ventures: Usual, Ethena and Equilibrium.
- ParaFi Capital: Hubble Protocol, DefiDollar DAO and Acala.
- PNYX Ventures: Equilibrium (2 rounds) and DefiDollar DAO.
Usual carries 2 Strategic records of $7M on NAUT, 1 dated 17 April 2024 and 1 undated, which may be the same round: Hypersphere Ventures is on both, so its count of 5 includes both.
Which rounds pulled in the most stablecoin investors?
These 6 rounds each drew 5 or more of the 22 investors above, ranked by that count. Of 22 is how many of the 22 above joined the round, Firms is every investor firm on record for it. Founders can read them as the syndicates these firms already join.
| Company | Round | Of 22 | Firms |
|---|---|---|---|
 Usual |
Series A, $10M, 23 Dec 2024 | 7 | 9 |
 Ethena |
Seed, $6.5M, 19 Jul 2023 | 6 | 15 |
 Acala |
Series A, $7M, 27 Aug 2020 | 6 | 14 |
 Terra Luna Classic |
$32M, 29 Aug 2018 | 6 | 8 |
 Hubble Protocol |
$10M, 18 Jan 2022 | 5 | 9 |
 Equilibrium |
Series A, $2.5M, 8 Apr 2021 | 5 | 11 |
The 7 on Usual's Series A are Coinbase Ventures, Hypersphere Ventures, Amber Group, GSR, OKX Ventures, Wintermute and Galaxy Digital (Ventures). Ethena's seed drew OKX Ventures, GSR, Wintermute, HTX Ventures, Dragonfly and Faction.
What this tells a stablecoin founder raising
- Recent activity is thin at the top. Of the 22, 4 have a dated 2026 round: Coinbase Ventures, Dragonfly and Wintermute on Velocity's $38M Series A of 14 July 2026, and The Spartan Group on River's $12M Strategic round of 23 January 2026.
- Press coverage names Dragonfly as a co-lead of Velocity's Series A and The Spartan Group as a co-lead of River's round.
- Alliance DAO's 8 rounds are mostly $350,000 accelerator entries, so it suits a team applying to an accelerator.
- Trading firms show up often: Wintermute and Amber Group on 4 rounds each, GSR on 3. Their NAUT pages describe trading businesses next to the investing, and GSR's adds market-making.
- Start with 2026 moneyCoinbase Ventures, Dragonfly, Wintermute and The Spartan Group each have a dated 2026 round.
- Find the syndicateUsual's $10M Series A drew 7 of the 22; check which of those 7 back your stage.
- Match the stageAlliance DAO's records are mostly $350,000 accelerator entries.
- Open the fund pageEach investor's NAUT page lists its partners and portfolio.
What this tells a BD team
- The 38 stablecoin companies behind the 58 rounds are the accounts these investors already know. Usual, Ethena, Acala and Hubble Protocol each drew 5 or more of the 22.
- An investor on many rounds is a route to many teams: CMS Holdings backs 5 stablecoin companies on NAUT's record, Coinbase Ventures 5.
- Ask a portfolio partner for an intro to the company, then go to the company's own NAUT page for its team.
- Pick a hubCMS Holdings and Coinbase Ventures each back 5 stablecoin companies on NAUT's record.
- List the portfolioOpen the investor's NAUT page and copy its stablecoin companies.
- Reach the teamEach company's NAUT page lists the people to contact.
How to reach the decision makers
Every investor and company above links to its NAUT page. Each page lists the people on its team, their titles and which contact channels NAUT has on file. Start with the partner who sits on the stablecoin deals, and use the company pages to reach founders the investor backed.
Related reading on NAUT: Stablecoin funding: 13 startups raised $316M, no VC led twice and Most active crypto VCs: 44 funds ranked, the leader led none.
Can you pull this data through the NAUT API?
Yes: a call such as GET https://api.naut.so/v1/investors/alliance-dao returns 1 fund with its team and its portfolio, each row carrying the company, round type, amount, announce date and lead flag, so 22 calls cover the table above at 5 credits each (API docs, pricing). Send your key as $NAUT_KEY in the Authorization header; a key without credits gets marked sample data so you can build first. Verified Telegram, email and LinkedIn for these teams unlock on any paid NAUT plan, so you can start a 7-day trial.
Stablecoin investors FAQ
Which funds invest in stablecoin startups?
On NAUT's record read 14 November 2026, 47 investors backed 2 or more rounds at stablecoin startups, led by Alliance DAO on 8, Binance Labs on 7 and CMS Holdings on 6. Coinbase Ventures, Hypersphere Ventures and The Spartan Group follow on 5 each.
Which stablecoin investors backed a round in 2026?
Of the 22 stablecoin investors on 3 or more rounds, 4 have a dated 2026 round on NAUT: Coinbase Ventures, Dragonfly and Wintermute on Velocity's $38M Series A of 14 July 2026, and The Spartan Group on River's $12M Strategic round of 23 January 2026.
Which stablecoin round drew the most repeat investors?
Usual's $10M Series A of 23 December 2024 drew 7 of the 22 most repeat stablecoin investors on NAUT, including Coinbase Ventures, Wintermute and Galaxy Digital (Ventures).
Where can I find stablecoin investors and their contact channels?
NAUT lists all 47 stablecoin investors on 2 or more rounds, each with a page showing its team and portfolio, and GET https://api.naut.so/v1/investors/<slug> returns the same data in 1 call per fund. Verified Telegram, email and LinkedIn unlock on any paid NAUT plan: start a 7-day trial.