On-chain transaction volume does not equal real payment volume; compliance and banking relationships remain key bottlenecks.
Crypto Financing Halves in Q1: Why Are Stablecoin Payments Attracting Capital Against the Trend?
On-chain transaction volume does not equal real payment volume; compliance and banking relationships remain key bottlenecks.
techflowpost.com
Publisher
Aug 18, 2026 at 4:30 AM UTC · 12 min de lecture

Author: Wu Blockchain
Compiled by: TechFlow
TechFlow Editor's Note: Crypto VC funding halved quarter-over-quarter in Q1, yet stablecoin payments became one of the few sectors continuing to secure large funding rounds consecutively. For practitioners, this marks capital shifting from "token narratives" to "real revenue," and also means stablecoins are transitioning from trading tools to payment infrastructure. However, on-chain trading volume does not equal real payment volume; compliance, fiat on/off ramps, and banking relationships remain key bottlenecks.

Overall funding has cooled: In Q1 2026, crypto VC funding decreased approx 50% QoQ, capital increasingly concentrated on mature companies with existing customers, revenue, and significant transaction volume.
Stablecoin payments grow against the trend: Companies like Rain, OpenFX, RedotPay, Mesh, Conduit continue to secure large funding in card issuance, cross-border payments, FX liquidity, wallets, banking connections, and settlement.
VCs focus on infrastructure: Stablecoins support 24/7 cross-border settlement, infrastructure providers can generate revenue via transaction fees, FX spreads, card services, and APIs.
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