The stablecoin-powered payment network moving money across borders through a single API - and quietly routing more than $10 billion a year around the legacy wire system.
Send money to a supplier in another country and something strange still happens in 2026: it disappears. For a day, sometimes several, the payment sits in the machinery of correspondent banking - a chain of intermediaries, each taking a fee and a slice of time - before it lands. Conduit, a company founded in 2021 by Kirill Gertman and Michael Gregson, exists because that delay has become intolerable for businesses that move money for a living.
Conduit's answer is to use stablecoins - digital tokens pegged to currencies like the U.S. dollar - as the settlement layer beneath ordinary business payments. Money enters through a local bank or payment rail, travels as a stablecoin, and exits as local currency on the other side. To the customer, it looks like a fast, cheap international transfer. The crypto is invisible, which is precisely the point.
The company frames stablecoins not as an asset to trade but as plumbing to install. "Stablecoins aren't just a new technology," the company says, "they're the missing piece that connects fragmented payment systems worldwide." That framing - infrastructure over speculation - is what separates Conduit from much of the noise around digital currencies.
The approach has found traction. Conduit reports processing more than $10 billion in annualized payment volume, with transaction activity growing 16-fold in 2024. It says it has saved clients over 60,000 hours in settlement time and more than $55 million in fees. Those numbers describe a product being used, not a pitch being made.
"Traditional cross-border payment systems do not meet the demands of modern businesses."
Cross-border payments are slow, opaque and expensive. Correspondent banking can take days to settle, hides FX costs in spreads, and gives businesses little visibility into where their money is. For companies operating across emerging markets, that friction is not an inconvenience - it is a tax on doing business.
Conduit compresses the chain. By combining instant local payment rails with stablecoin settlement, it turns a multi-day, multi-intermediary process into something closer to a domestic transfer, with transparent rates.
Conduit sells to businesses that move money for others: fintechs, payment companies, importers and exporters, marketplaces and corporate treasury teams. It is reported to serve roughly 100 clients.
Its strongest corridors run through emerging markets - Mexico, Brazil, Colombia, Nigeria and Kenya - where the legacy system is weakest and the appetite for a faster, cheaper alternative is highest. The next targets are Mexico at greater depth and several Asian markets.
A B2B rail that pairs instant local payment rails with stablecoin efficiency, settling across currencies in minutes rather than days.
A single API connecting banks, local rails and blockchains, letting developers and financial apps embed multi-currency, stablecoin-backed payments.
Business accounts that hold, convert and move funds across USD, stablecoins and 14 local currencies with real-time FX.
Off-ramp and treasury tooling converting USD-denominated stablecoins into local fiat across LATAM, Africa and Asia corridors.
Coverage figures per Conduit and press reporting: 20+ banks and 14 currencies across 9 countries. Details approximate and subject to change.
Conduit is payment infrastructure. It earns on transaction and FX spreads for moving money across borders, plus platform and API access for the businesses and apps that build on its rails. Revenue scales with volume - Conduit sits between banks, local rails and blockchains rather than charging speculative crypto fees. Independent estimates put annual revenue near $2 million against $10B+ in payment volume.
Stablecoin payment infrastructure has become one of fintech's most contested arenas. In 2024, Stripe acquired Bridge for $1.1 billion; in 2025, Mastercard moved to acquire BVNK. Conduit is one of the notable independents left standing - focused on emerging-market B2B corridors rather than broad orchestration - and it raised its Series A into exactly that consolidation.
| Player | Focus | Status |
|---|---|---|
| Conduit | Cross-border B2B, emerging-market corridors (LATAM, Africa, Asia) | Independent - Series A, 2025 |
| Bridge | Broad stablecoin orchestration, US + EU payouts | Acquired by Stripe (2024) |
| BVNK | Enterprise, dual-licensed flows, 130+ countries | Acquired by Mastercard (2025) |
| SWIFT / banks | Legacy correspondent banking | Incumbent Conduit competes against |
Market positioning compiled from public reporting; competitor status as of mid-2026.
Sets Conduit's direction and its core argument: that legacy cross-border payments fail modern businesses, and stablecoins are the cleanest fix. Fronts the company's fundraising and expansion into new corridors.
Leads the engineering behind Conduit's single API - the hard, unglamorous work of connecting banks, local rails and blockchains into one reliable, compliant network.
Total funding to date approximately $53M (per press reporting). Figures approximate.
Membership aligns Conduit's rails with USDC settlement and Circle's compliance standards.
Payment orchestration partner extending Conduit's reach across merchant flows.
Latin American financial partner supporting local-currency corridors.
Partner within Conduit's cross-border settlement ecosystem.
Kirill Gertman and Michael Gregson start Conduit to fix fragmented global payments.
A seed round led by Portage Ventures funds the first version of the platform.
Conduit begins moving business payments by combining local rails with stablecoin settlement.
Adoption accelerates across emerging-market corridors.
A round co-led by Dragonfly and Altos funds expansion into Mexico and Asia.
Explore Conduit's product and its founders through the company's own channels and a broader search of recent coverage.
Conduit runs a stablecoin-powered cross-border payment network that lets businesses move money internationally through a single API connecting banks, local payment rails and blockchains.
Conduit was founded in 2021 by Kirill Gertman (CEO) and Michael Gregson (CTO).
Conduit raised a $36 million Series A in May 2025, co-led by Dragonfly and Altos Ventures, following a $17 million seed round - roughly $53 million in total funding.
Conduit uses stablecoins as settlement infrastructure but presents payments in local currency to customers, positioning itself as B2B payment infrastructure rather than a trading or speculative crypto product.
By settling with stablecoins over local rails, Conduit moves cross-border payments in minutes at lower cost, and reports saving clients over 60,000 hours of settlement time and more than $55 million in fees.