Utila 'triples' valuation with $22 million Series A extension round as stablecoin infrastructure demand surges

Utila, a crypto infrastructure provider focused on stablecoins, raised $22 million in a Series A extension round, "nearly tripling" its valuation six months after its initial Series A, the firm said Wednesday.

Israel-based Red Dot Capital Partners led the extension round, with participation from Nyca, Wing VC, Digital Currency Group, Cerca Partners, Funfair Ventures, and SilverCircle, Utila said. The round came about passively, as the firm said it wasn’t actively raising, with nearly all of its earlier $18 million Series A funding still unused.

Utila co-founder and CEO Bentzi Rabi told The Block that inbound investor interest began before March’s Series A announcement but picked up sharply after Circle, issuer of the USDC stablecoin, began trading on the New York Stock Exchange in June. "We saw more action mostly after the successful Circle IPO," he said.

Red Dot approached Utila to lead the extension, while most other participants were existing investors exercising pro-rata rights, and SilverCircle joined as a new backer, Rabi said. This latest funding round, like the earlier Series A, is equity-based, he added, while declining to share the specific valuation figure.

The new funding will accelerate market capture amid surging institutional demand for stablecoin infrastructure, according to Utila. As part of the deal, Red Dot will also take a board seat, Rabi noted.

Positioning as the ‘operating system for stablecoins’

Rabi described Utila’s platform as "the operating system for stablecoins" — providing institutions with the infrastructure to issue, manage, and operate stablecoins at scale.

"Similar to how an operating system coordinates core functions for applications, Utila powers the essential components of stablecoin operations: secure custody, multi-signature wallet management, transaction orchestration, compliance workflows, and integrations with liquidity venues and payment rails,” Rabi said. The goal is to abstract away technical complexity so banks, fintechs, and corporates can launch and manage stablecoin products "without spending years and millions" building the stack themselves, he added.

Since March, Utila said it has more than doubled its customer base to over 200 clients, now processing more than $15 billion in monthly volume and $90 billion in cumulative transactions. Rabi said the firm serves "multiple public companies," though non-disclosure agreements prevent naming them.

Beyond stablecoin operations, Utila’s platform covers treasury management, trading, and business continuity operations. Features include multi-chain support, multi-party computation wallets, developer APIs, anti-money laundering and banking integrations, and insurance for digital assets.

Hiring and roadmap

Utila currently employs just over 40 people and plans to hire another 15–20 this year across sales, support, and research and development, Rabi said. Over the next 12 months, product priorities include simplifying gas operations across blockchains, expanding liquidity and on/off-ramp access, and extending blockchain support, he added.

Utila will also expand its geographic footprint, targeting growth in North America, Europe, and emerging markets in Latin America, Asia-Pacific, and Africa — regions where stablecoins are increasingly embedded in financial infrastructure.

The Series A extension brings Utila’s total funding to more than $51 million since its founding in 2022. Utila competes with other institutional wallet and infrastructure providers such as Fireblocks, Anchorage Digital, and Copper.

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