Due to the passage of the bill, recently in the primary market, projects related to stablecoins are truly "in demand" and popular among investors.

Here are a few recent financing examples:

In cross-border payments:

Conduit @ConduitPay announced a $36 million Series A financing on May 28, led by Dragonfly Capital, with participation from Sound Ventures, Altos Ventures, DCG, and Commerce Ventures. Adding the previous $17 million seed round led by Portage Ventures, Conduit’s total financing has reached $53 million. Conduit primarily focuses on cross-border payments in regions like Latin America and Africa.

Additionally, OpenFX @openfx_ completed a $23 million financing led by Accel, with plans to expand into the Southeast Asian cross-border payment market.

BVNK @BVNKFinance also announced a strategic investment from Visa's venture capital department on the 7th of last month, collaborating with Visa and Worldpay to integrate stablecoin payments into the existing financial infrastructure.

Limited @limitedgrouphq announced a $7 million seed round financing, led by North Island Ventures. Limited also integrates with traditional banking payment networks (such as ACH and Visa).

Furthermore, there are quite a few stablecoin projects on-chain:

The hottest is Plasma @PlasmaFDN, which quickly filled a $500 million quota on Echo, increasing to $1 billion, which was also filled in 30 minutes. Previously, it had secured over $24 million in financing, led by Framework Ventures and BitfinexL. It is a BTC sidechain designed specifically for stablecoins, with highlights including zero-fee transfers and a priority for delays, allowing for zero-fee transfers as long as there are no timing constraints.

Avalon @avalonfinance_ announced a strategic investment from YZi Labs on May 26. Previously, Framework led a $10 million Series A, focusing on BTC-collateralized lending protocols, with its stablecoin being USDa, noted for providing fixed-rate lending with good predictability.

Hyperdrive @hyperdrivedefi completed a $6 million Series A financing on May 23, led by Hack VC and Arrington Capital, a project in the Hyperliquid ecosystem, providing yield markets for mainstream stablecoins. Currently in its early stages, the primary source of yield is the lending market.

Opportunities for retail participation in payment-related stablecoin projects are limited, so it’s worth paying attention to on-chain projects.

Currently, the stablecoin landscape is still difficult to shake, with ETH being the chain that carries the most stablecoins, followed by Tron. For large funds pursuing security, ETH remains the top choice. However, even if the TVL of stablecoins on ETH hits a new high, it does not imply that the price of ETH will rise since its correlation with ETH's market value is minimal. But the ratio of stablecoin market value to ETH's market value can be used as a buy-sell indicator.

In fact, apart from payments, there is another potential application direction for stablecoins, which is on-chain foreign exchange trading. If the scale of stablecoin chains in mainstream countries increases and can provide a trading market with lower spreads, that would be very attractive, but it depends on specific compliance costs.