“Stablecoins are at the center of a bold new move by two former Citadel quants, who have secured major backing for a global payments app designed to make cross-border money transfers faster, simpler, and more affordable. Their startup, Fin, has just closed a $17 million funding round as it gears up for a public test launch next month.”
The round was led by Pantera Capital, with support from Sequoia and Samsung Next, giving the project the kind of heavyweight backing rarely seen at such an early stage. Founders Ian Krotinsky and Aashiq Dheeraj, who worked together at Citadel, say they built Fin to solve a real-world problem they experienced firsthand: paying users across borders quickly and reliably.
A Stablecoin-Powered Alternative to Bank Transfers
Fin’s app uses stablecoin rails behind the scenes to send money instantly between users, traditional bank accounts, and crypto wallets. The focus is on large-value transactions and international transfers, two areas where traditional banks still charge high fees and take days to settle.
During a demo shared with Fortune, the founders showed a clean, simplified interface designed to hide the technical complexity of blockchain. “It’s the payments app of the future,” Krotinsky said. “You get all the benefits of stablecoins without needing to know anything about crypto—and it works anywhere in the world.”
The company believes this approach could appeal to businesses that often move five- or six-figure amounts, such as watch dealers shipping products overseas or import-export companies sending frequent payments. Fin will begin testing with several such businesses in its pilot program next month.
Competing With Big Banks, Not Crypto Apps
While many crypto startups position themselves as alternatives to other Web3 platforms, Fin is aiming directly at traditional financial institutions. Krotinsky argues that banks have built outdated payment systems that are difficult to modernize. He believes Fin can scale faster precisely because it’s building from scratch on stablecoin infrastructure.
“I think we have the opportunity to become the next major global payments app,” he said.
Fin plans to earn revenue from transaction fees and interest on the stablecoins held in customer wallets.
A Fast-Moving Stablecoin Landscape
Fin’s launch comes at a time when interest in stablecoin-based payments is accelerating globally. Citadel Securities—like its former employees—has been moving deeper into crypto, recently investing in a digital asset exchange and participating in a funding round for Ripple.
Across the Atlantic, 10 major European banks have joined forces to develop a euro-backed stablecoin targeted for release in mid-2026. In Asia, Sony Bank is preparing a USD-pegged stablecoin for its gaming and anime businesses, and may extend it to U.S. customers as early as fiscal 2026.
Meanwhile, U.S. regulators are racing to finalize rules for stablecoin issuers. The FDIC is expected to publish its first regulatory framework later this month under the GENIUS Act, with broader prudential standards coming next year.
With strong investor backing and a growing global push toward stablecoin-based finance, Fin is entering the market at a pivotal moment—one where traditional banking and crypto infrastructure appear headed for a major convergence.
Also Read: Bitfinex-Backed Layer 1 Stable Prepares for Mainnet Launch on Dec. 8
