Coinbase, Sony and Samsung back $14.6M round for stablecoin startup

Funding and Company Overview - Bastion, a stablecoin infrastructure provider, has raised $14.6 million in a funding round with backing from major tech and crypto firms including Coinbase Ventures, Sony Innovation Fund, Samsung Next, Andreessen Horowitz (a16z) Crypto, and Hashed [1] - The CEO, Nassim Eddequiouaq, highlighted that Bastion's offerings extend beyond stablecoin issuance, providing wallets and off-ramps for cash conversion in over 70 countries [2] Market Context and Trends - The funding round occurs amid a growing interest in stablecoin infrastructure, with notable industry movements such as Stripe's acquisition of Bridge for $1.1 billion and Tether's plans to raise up to $20 billion at a $500 billion valuation [3] - The stablecoin market currently holds a market cap of $299.01 billion, with a daily trading volume of $118.9 billion, where Tether (USDT) leads with a value of $173 billion, representing nearly 58% of the market [4] Regulatory Environment and Industry Developments - The GENIUS Act, aimed at regulating stablecoins, has sparked interest among major companies like Apple, X, Airbnb, and Google, which are exploring stablecoin integration to reduce fees and enhance cross-border payments [5] - Ongoing discussions around the GENIUS Act may impact Big Tech's ability to issue their own stablecoins, potentially favoring established players like Tether and Circle [6]