OpenTrade Raises $17M After Reaching $200M in TVL

OpenTrade announced it has raised $17 million to expand the infrastructure that generates yield on stablecoin deposits after the platform's total value locked reached $200 million.

The fintech and crypto firm intends to use the funding to scale engineering, strengthen security and risk controls, and add capacity to handle larger deposit volumes as more customers use its yield services.

OpenTrade did not disclose the investors behind the round.

Stablecoin yield infrastructure includes smart contracts, custody arrangements and interfaces that route dollar-pegged tokens such as USDC and USDT into lending protocols, liquidity pools or institutional lending desks that pay returns.

The $200 million total value locked figure reflects the assets users have placed into OpenTrade's yield products. Total value locked is a commonly used metric for the scale of assets managed by crypto platforms.

The company plans to phase the deployment of proceeds over the coming months to fund additional smart contract audits, expand monitoring and compliance capabilities, and hire engineering and operations staff. Management also intends to add more supported stablecoins and to integrate additional on- and off-ramp partners to increase liquidity access.

Regulatory scrutiny of crypto lending and stablecoin markets has increased. OpenTrade said the financing will help it meet higher compliance standards and pursue licenses or registrations required in jurisdictions where it operates.