Programmable Money Surges as Startups Secure Nearly $100M Amid Record $280B Stablecoin Market

Programmable Money Surges as Startups Secure Nearly $100M Amid Record $280B Stablecoin Market

Venture capital is flowing back into stablecoin infrastructure, as two startups—M0 and Rain—secured almost $100 million in fresh funding on the same day the stablecoin market hit a record $280 billion capitalization, according to DefiLlama.

Major Capital Raises for Stablecoin Startups

M0, a Switzerland-based platform founded in 2023, raised $40 million in a Series B round led by Polychain Capital and Ribbit Capital. The company enables developers to issue custom stablecoins with built-in rules, making it easier for applications to tailor digital money for specific purposes. Partnerships with MetaMask and Playtron have already integrated M0’s infrastructure into consumer-facing products.

Meanwhile, Rain, a U.S. startup building regulated stablecoin solutions for banks, closed a $58 million Series B round led by Sapphire Ventures, with backing from Dragonfly, Galaxy Ventures, and Samsung Next. The raise brings Rain’s total funding to $88.5 million. Its tools allow banks and enterprises to issue programmable stablecoins while remaining compliant across more than 100 jurisdictions through its partnership with Toku.

What Makes M0 and Rain Different

Although all stablecoins run on blockchains and are technically programmable, most operate as simple payment tokens. M0 and Rain stand out by embedding programmability into their core infrastructure.

• M0 focuses on application-specific stablecoins with rules around liquidity, access, and use. For example, gaming company Playtron has integrated an M0-powered “Game Dollar” directly into its handheld system.

• Rain emphasizes fund flows, enabling real-time payrolls and programmable spending programs across Solana, Tron, and Stellar.

Governments Experiment With Programmable Money

Programmable money is also being tested at a sovereign level.

• In Kazakhstan, the central bank used its digital tenge CBDC to finance a rail link to China, disbursing payments only when milestones were met.

• Another Kazakhstan pilot cut VAT refund processing times from 70–75 days to 10–15 days by automating eligibility checks.

• In India, the Monetary Authority expanded its digital rupee pilot to include programmability and offline features aimed at greater accessibility.

While these pilots show efficiency gains, critics have raised concerns. Susie Violet Ward, CEO of Bitcoin Policy UK, warned that CBDCs could lead to the “weaponization of money in its purest form.”

Private Sector Pushes Forward

Beyond governments, private companies are extending programmable money’s use cases.

• Circle introduced programmable wallets on Solana, allowing USDC-based transactions to trigger smart contracts or manage fees automatically.

• TradeOS, in July 2025, launched a programmable settlement layer for global commerce, tying stablecoin payouts to verified trade outcomes through cryptographic proofs.

These developments suggest programmable money is evolving from theory into a practical infrastructure layer for both governments and global enterprises.