Transak completes 16 million funding round to expand stablecoin network

Web3 payment firm Transak announced a funding round completion of 16 million USD on August 12, co-led by Tether and IDG Capital. This investment aims to strengthen Transak’s presence in the stablecoin network and expand into new international markets.

Tether holds over 60% of the stablecoin market share, contributing to positive investor sentiment. Transak’s strategy focuses on improving regulatory compliance and scaling growth, which will further enhance stablecoin adoption in various sectors.