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There’s a new project in town: StableSea, founded by a group of ex-Block employees. They offer a solution for global stablecoin offramping, allowing firms to convert stablecoins into local fiat currency.

Currently, their focus is on payment processors, banks, and neobanks.

StableSea has successfully raised $3.5 million in a funding round led by Kindred Ventures, with participation from DFS Lab and Ludlow Ventures. The firm is relatively new, having launched in January 2025.

Tanner Taddeo, CEO of StableSea, emphasized their mission to tackle a significant issue in the crypto world. He elaborated, “When you actually go deep into the operations with companies regarding their usage of stablecoins, it becomes clear that using the traditional banking system to transfer money—like between J.P. Morgan in the US and Lloyds Bank in London—requires a message to be sent via Swift, followed by the reconciliation of their privately-held ledgers.”