Coinbase, Sony Get In On The Stablecoin Action

Stablecoin infrastructure provider Bastion announced a $14.6 million funding round led by Coinbase Ventures, with participation from Sony’s venture arm, Samsung Next, a16z Crypto, and Hashed, as Fortune Crypto reported on Sept. 24.

Bastion operates as a white-label stablecoin issuer, enabling companies to launch their own branded digital currencies pegged to assets like the US dollar without hiring lawyers for regulatory licenses or developers for custom code.

The approach addresses growing corporate interest in stablecoin solutions following significant regulatory clarity achieved through recent legislation.

CEO Nassim Eddequiouaq and his team previously worked on Meta’s abandoned Libra stablecoin project before joining Andreessen Horowitz’s crypto arm, a16z Crypto.

The company raised $25 million in a 2023 seed round, though Eddequiouaq declined to specify the current valuation. He explained:

“We are building the tools that we wish we had when we built the Libra project.”

The startup’s 27-person team focuses on creating comprehensive stablecoin services that outpace traditional competitors.

Ludovic Copéré, senior investment director at Sony Ventures, noted the increasing frequency of corporate stablecoin announcements:

“Almost every week, there are some announcements of whatever company launching its branded stablecoin. We think Bastion is very well positioned to be this kind of glue and enabler for many corporates.”

The funding round comes eight weeks after President Donald Trump signed the GENIUS Act into law on July 18, establishing the first comprehensive federal framework for stablecoin regulation.

The legislation requires stablecoins to be fully backed by US dollars or equivalent liquid assets, with annual audits mandated for issuers with a market capitalization exceeding $50 billion.

This regulatory clarity eliminated significant uncertainty that previously deterred traditional companies from entering the stablecoin space.

The passage of the GENIUS Act triggered a wave of corporate announcements, with major banks, including JPMorgan, launching deposit tokens and payment giants like Stripe expanding their stablecoin infrastructure through acquisitions.

The regulatory framework addressed previous concerns about reserve backing and compliance requirements that plagued earlier stablecoin initiatives.

Companies can now launch branded stablecoins with confidence in the legal structure, driving demand for infrastructure providers like Bastion.

Optimistic Market Growth Projections For Stablecoin Sector

The stablecoin market experienced remarkable growth throughout 2025, expanding from approximately $205 billion to over $290 billion as of Sept. 24.

This growth trajectory supports aggressive future projections from government and industry leaders.

Treasury Secretary Scott Bessent projected the US dollar-pegged stablecoin market could exceed $2 trillion by 2028, calling this “very reasonable” and potentially surpassing that figure.

Standard Chartered echoed this optimism, forecasting a 10-fold increase from current levels to $2 trillion within three years following the implementation of the GENIUS Act.

These projections contrast sharply with more conservative estimates from traditional finance.

JPMorgan strategists projected growth to $500 billion by 2028, arguing that $1-2 trillion forecasts are “far too optimistic” given infrastructure limitations and the narrow adoption of use cases.

Current market metrics support the aggressive projections. Stablecoin transaction volumes surged 50% year-over-year in 2025, while active addresses grew 53% to reach 30 million users.

Stablecoins captured 75% of institutional crypto over-the-counter volume in the first half of 2025, demonstrating mainstream financial adoption.

Stablecoin Market Competitive Landscape Intensifies

Bastion enters an increasingly crowded market dominated by established players and well-funded newcomers.

Circle’s USDC surpassed $74 billion in circulation, achieving 115% year-over-year growth, while Tether’s USDT maintained its market leadership with over $173 billion in circulation.

Traditional financial institutions launched competing initiatives throughout 2025. JPMorgan’s JPMD token, Société Générale’s USDCV stablecoin, and Fiserv’s planned FIUSD represent significant competitive threats from companies with existing corporate relationships and regulatory expertise.

Established infrastructure providers, such as Paxos and emerging competitors like Agora, create additional competition.

However, Eddequiouaq stated that Bastion differentiates itself through comprehensive service offerings, including crypto wallets and cash conversion pathways across 70 countries.

He added that the company is “already competing really well today on the marketplace.”

Strategic Positioning for Corporate Adoption

Bastion’s comprehensive approach addresses key corporate concerns regarding the implementation of stablecoins.

The platform eliminates technical complexity while ensuring regulatory compliance, enabling companies to focus on business applications rather than infrastructure development.

The startup’s tools include wallet solutions for token custody and global cash conversion capabilities spanning 70 countries, including the US.

This end-to-end approach contrasts with competitors that offer limited services, requiring multiple vendor relationships.

While Bastion has not disclosed specific corporate clients, Eddequiouaq expressed excitement about developments over “the next eight to nine months,” suggesting significant partnership announcements may emerge.

The combination of regulatory clarity, market growth projections, and corporate demand creates favorable conditions for Bastion’s expansion.

The funding round positions the startup to capture market share as traditional companies increasingly adopt stablecoin solutions for payments, treasury management, and customer engagement.