Alibaba Backs MetaComp to Expand Stablecoin Payment Network
Alibaba has invested in MetaComp's $35M fundraise to expand its StableX Network for cross-border stablecoin payments.Summary
Singapore-based MetaComp has secured $35 million in funding, including backing from Alibaba, to expand its StableX Network. This network aims to connect regulated financial institutions and stablecoin issuers via blockchain infrastructure, focusing on Asia, the Middle East, Africa, and Latin America. MetaComp provides hybrid fiat and stablecoin payment solutions and access to wealth management products. Alibaba’s investment is significant considering China’s restrictions on stablecoin issuance, suggesting an interest in exploring deposit-token technology for overseas transactions. The stablecoin market is projected to reach $2 trillion by 2028, driving investor interest in compliant cross-border payment infrastructure.
(Source：Cointelegraph)