Crypto and blockchain companies disclosed 184.1 million USD across eight funding rounds between Aug. 22 and Aug. 28, with clearing infrastructure, stablecoin banking, and onchain trading platforms capturing the bulk of the capital.
The week’s largest deal was RQD* Clearing, a New York-based firm that secured a 74 million USD minority growth investment led by Bain Capital Tech Opportunities, with ABN AMRO Clearing Bank and Nyca Partners also participating. The transaction alone accounted for roughly 40 percent of the weekly total.
The figures, compiled from DropsTab, CryptoRank, Crypto Fundraising, and official announcements, exclude undisclosed rounds, valuations, cumulative funding, acquisitions, and capital announced outside the seven-day window — meaning the true total is likely higher.
RQD* Clearing doubles down on tokenized securities plumbing
RQD* provides clearing, custody, and technology services to broker-dealers, registered investment advisers, and foreign financial institutions seeking access to U.S. markets. The company said the new capital would support product development and expansion across the United States, Europe, and Asia.
More telling is where the firm plans to spend it: RQD* intends to build infrastructure for digital assets and tokenized securities, helping financial institutions custody blockchain-based assets and connect them with established clearing systems. The firm described the deal as a minority growth investment rather than a conventional venture round — a signal that incumbent financial plumbing providers now see blockchain settlement as core business rather than a side experiment.
Fasset hits a 1 billion USD valuation
Stablecoin banking platform Fasset raised 68 million USD in a Series C led by Japan’s SBI Group, valuing the company at 1 billion USD. The round followed a 51 million USD Series B completed in May, bringing Fasset’s disclosed 2026 funding to 119 million USD, with Speedinvest also participating.
Fasset offers stablecoin payments, tokenized assets, and digital banking services across 125 countries. The company said it would use the capital to expand its payment network, develop AI-based financial tools, and support a planned digital bank in Malaysia alongside SBI — keeping its expansion focused on emerging markets and cross-border payments rather than the U.S. retail race.
Hivemind and Entropy round out the week
Hivemind Digital Group, the parent company of digital asset investment manager Hivemind Capital, completed a 17 million USD strategic round led by M&G Investments, with CPIC Investment Management Hong Kong, ZA Bank, FalconX, and Sonic Boom Ventures participating. The New York- and London-based group said the financing would support its tokenization infrastructure, institutional partnerships, and the systems it uses to issue, manage, and distribute tokenized financial products.
Onchain trading platform Entropy raised 14 million USD in equity financing led by Ribbit Capital. The company builds markets through Hyperliquid’s HIP-3 system, which allows approved deployers to launch perpetual futures markets after meeting staking requirements. Entropy’s first product provides exposure to Anthropic’s private-market valuation through a perpetual contract, with additional markets covering private companies, equities, and commodities in development. The firm also received 40 million USD in HYPE staking support, which is not fresh equity and sits outside the weekly total.
Infrastructure is the theme
Five of the eight disclosed deals involved crypto market infrastructure, onchain finance, or tokenized assets — a consistent pattern in recent months. The investors backing them are increasingly traditional: Bain Capital, ABN AMRO, M&G, and SBI are not crypto-native funds betting on tokens, but established financial institutions funding the connective tissue between legacy markets and blockchain settlement.
That composition matters for how the industry’s recovery is read. Retail-driven speculation tends to dominate headlines, but the capital flowing into clearing houses, stablecoin banks, and tokenization platforms suggests the durable buildout is happening one layer below the trading interface — in the systems that let regulated money move onchain and back again.
The week also continued a trend of billion-dollar valuations arriving earlier in company lifecycles. Fasset reached its unicorn status barely three months after its Series B, while Entropy raised its second round of the year on the strength of a single live product.
For an industry repeatedly declared dead during the downturn, 184.1 million USD in a single week of disclosed financing — with the true figure almost certainly higher once undisclosed rounds are counted — indicates that venture conviction has not merely returned but is concentrating on the infrastructure layer that earlier cycles neglected.
The remaining disclosed rounds filled out a familiar picture: smaller teams building niche rails for institutional money, from compliance tooling to custody integrations, continue to find funding even as token-launch speculation stays subdued. Weeks like this one — steady, infrastructure-heavy, and backed by names from traditional finance — are the clearest evidence yet of where sophisticated capital believes the industry’s next cycle will be built.
74 of the 184.1M went to clearing plumbing for tokenized securities. least sexy bet of the week, probably the smartest one
clearing and custody is where the fees actually are once stablecoin settlement volumes keep climbing. bain aint dumb
agreed. rqd already clears for broker dealers, so tokenized securities is an upsell to existing clients, not a crypto pivot
abn amro clearing bank participating alongside bain is the detail people will skip. european banks keep quietly creeping into us market infra
abn amro showing up in a bain led round is the quiet tell. european banks gave up on retail crypto so they are buying the settlement layer instead
Fasset is at 119M disclosed this year and building a digital bank in Malaysia with SBI instead of chasing US retail. Correct read of where stablecoin banking actually grows.
^ right, the malaysia digital bank with SBI is the actual growth story. everyone fixates on the 74M RQD round while the stablecoin buildout happens quietly in KL
one bain deal was 40 percent of the week. everything else is garnish
true total is likely higher, it always is. dropstab and cryptorank mashups miss half the undisclosed rounds by definition lol
^ cuts both ways, undisclosed rounds also skip the inflated pre launches. the 184.1M floor is more honest than most weeklies
Eight rounds and 40% of the money went to one clearing shop. Numbers this thin tell you the venture winter never really ended.
or it tells you the money that IS deploying only touches infrastructure with real revenue. growth bets are dead, plumbing pays
RQD* taking 74M of a 184M week, basically one deal carried the whole chart. Bain doesn’t do small bets on plumbing
strip out the 74M rqd deal and you are left with 110M across seven rounds. traditional investors pile in is doing a lot of work in that headline
still, 68M of that is Fasset at a 1B valuation. two deals carried 77 percent of the week, the mid market is genuinely thin
Fasset at a 1B valuation is the interesting half of that 77 percent. us mid market is thin but the kl digital bank buildout is real revenue
one deal at 40 percent of the week and the headline still says investors pile in. the mid market has been flat since q1
Stablecoin banking getting funded while exchanges sit out the cycle tells you where institutions think the margin is.
and they excluded undisclosed rounds so 184.1M is the floor. actual number is way higher
abn amro in a bain round for tokenized securities clearing in 2026. every bank that mocked crypto in 2022 is now buying its pipes
184M for the week and nearly all of it is clearing pipes and stablecoin banks. Nobody funds a consumer exchange anymore. The margins moved to the plumbing and Bain knows it.
minority growth investment instead of a venture round is the tell. bain wants recap upside on clearing fees, not seed stage dilution
rqd already clears for broker dealers so the 74M is an upsell to existing clients, not a bet. bain is buying fee flow that already exists