The Better Money Company has raised $10 million in funding led by a16z crypto, The Block reported on March 31. The company aims to build a clearinghouse to connect the stablecoin ecosystem. It compares today’s stablecoin market to the fragmented U.S. dollar system in the 19th century, arguing that a clearinghouse is needed to integrate many-to-many markets and enable scaling. It says current structures are costly and lack automation.

Wall Street financial firms are moving beyond exploring blockchain and are beginning to adopt it, with exchanges, clearinghouses and electronic trading platforms entering onchain markets. Jason Rosenthal (Jason Rosenthal) of a16z Crypto calls the shift the biggest capital markets infrastructure upgrade since the move to electronic trading 30 years ago. He points to tokenisation, instant settlement and 24/7 markets, citing moves by DTCC, NYSE and Tradeweb, alongside supportive regulation.