Stablecoin payment firms drew $60.5 million of the week's $79.2 million in private crypto rounds

Take Forward Industries' $25 million share sale out of the week's $104.2 million, because it is public-company stock, and private crypto financing comes to $79.2 million ^[1][2][1]. The three payment companies took about 76% of that ^[2]. Infini's $6 million seed also runs on stablecoin settlement, for accounts, payments, cards and treasury services. Count it and the payment total rises to $66.5 million, about 84% ^[14][3].

The obvious objection is concentration. HIFI's $37 million is about 47% of private money on its own ^[3][5]. Take HIFI out of both sides and payments still hold $23.5 million of the remaining $42.2 million, about 56% ^[4]. Size is the softer point. infiniFi described its round as more than $3 million, and two tracked investments came with no amount, so every share here is calculated on a floor ^[15][1].

Revenue is harder to see. HIFI said its platform processes more than $7 billion in annualized volume, so the $37 million it raised equals at most about 0.53% of one year of that flow ^[6][6]. Volume is the only operating figure in the reporting, and the company did not say how much of it HIFI keeps as revenue ^[6].

The products point toward fees on moving money. Atum says it does not issue a currency or take custody of customer funds ^[8]. It sells a network that coordinates transfers to financial institutions and stablecoin card issuers, and PayPal Ventures is among its backers ^[8][7]. HIFI plans to spend on card issuance and tokenized capital markets. It already has a Visa Direct integration for payouts and a connection to the Circle Payments Network ^[4][5]. MeshWallet's pitch is narrower: send TRC-20 USDT on TRON without keeping a TRX balance for network fees ^[10].

Forward sold 3,125,000 shares for about $25 million in gross proceeds, or $8.00 a share, to add to the Solana it holds and stakes under a strategy it began in 2025 ^[12][7]. Among the venture rounds, Robinhood Ventures and Coinbase Ventures joined Foundation Capital's $8 million seed in CatchBack, a marketplace that ties digital mystery packs to physical trading cards, according to RootData ^[13].

I think the week supports one claim cleanly: private crypto money paid for payment rails ^[2]. For now, the revenue case depends on HIFI's volume figure ^[6]. The counter-thesis is that eight deals and one $37 million round add up to an anecdote ^[1][3]. If the next few weekly tables put payment rounds back under half of private dollars, this week was HIFI plus some smaller rounds ^[3].