Squads, a financial infrastructure company built on Solana, raised $18mn in strategic funding to expand Altitude, its stablecoin-based financial operating system for businesses.
Solana Ventures led the round, with participation from Coinbase Ventures, Haun Ventures, Jump Crypto, L1D, Collab+Currency, Electric Capital, Placeholder, and Robot Ventures. The new financing pushes total company funding to $42.9mn.
The company wants to replace large parts of traditional banking infrastructure with stablecoin rails. Fast.
Building a financial stack for a global business once required layers of banking relationships, payment processors, compliance checks, and regional settlement systems.
Stablecoins have started to chip away at that model by turning money movement into software infrastructure running around the clock.
Squads built its platform directly on Solana. Its first product, Squads Multisig, secures more than $10 bn in assets across the Solana ecosystem through multi-approval authorization controls before funds move.
Altitude takes a broader approach. The platform combines multi-currency accounts, corporate cards, global payments, and yield-bearing treasury balances into a single operating system running on stablecoins rather than conventional banking rails.
According to Beinsure analysts, treasury infrastructure has become one of the more active areas inside crypto infrastructure because businesses increasingly care less about speculative trading and more about payment efficiency, settlement speed, and cross-border liquidity management.
The stablecoin market keeps expanding at a pace traditional finance firms can’t ignore anymore.
Global stablecoin market capitalization reached $315 bn during the first quarter of 2026, while quarterly transaction volume surpassed $28 tn, up 51% from the previous quarter.
In 2025 alone, stablecoins processed roughly $33 tn in global transaction volume. Business-to-business stablecoin payments climbed from under $100 mn per month in early 2023 to more than $6 bn monthly by mid-2025.
That shift has triggered aggressive dealmaking across the sector.
Stripe acquired stablecoin infrastructure company Bridge for $1.1 bn, while Mastercard bought BVNK in a $1.8 bn deal. Nearly $3 bn in stablecoin infrastructure acquisitions landed within less than a year as large financial players moved to secure payment infrastructure tied to digital dollar settlement systems.
A Citi GPS report projects stablecoins could process between 5% and 10% of global cross-border payments by 2030, representing roughly $2.1 tn to $4.2 tn annually.
Altitude positions itself around this transition by allowing companies to hold treasury balances in stablecoins instead of relying entirely on bank accounts. Funds settle instantly at lower cost and remain available 24/7, without traditional banking cutoffs slowing transfers across regions.
Since launching in December 2025, Altitude has processed more than $200 mn in payments across exporters, crypto-native firms, global agencies, and distributed remote teams operating across multiple jurisdictions.
Customers use the platform for instant settlement, multi-currency support, and programmable treasury controls.
Finance teams want fewer intermediaries, lower transfer friction, and tighter treasury visibility. Stablecoins happen to solve several of those problems at once.
Kash Dhanda, COO of Jupiter, said treasury and payment operations became increasingly difficult as the company scaled globally. According to Dhanda, growing complexity and rising fees created operational strain, while Altitude simplified both areas.
The bigger challenge for crypto infrastructure firms now sits around execution rather than market attention. Plenty of startups talk about replacing banking rails. Fewer convince businesses to move treasury operations onto blockchain infrastructure handling real payment volume every day. Squads is betting stablecoin adoption has moved far enough for that transition to accelerate.
