Better Money Raises $10 Million to Develop Stablecoin Clearinghouse

The Better Money Company, a startup founded by former a16z crypto investor Sam Broner, has secured $10 million in seed funding to develop a stablecoin clearinghouse. The platform will allow institutions to swap between different compliant tokens at low costs, supporting dollar-denominated coins that meet the requirements of the GENIUS Act.

Broner co-founded Better Money with college friend Adam Zuckerman, who previously worked as general counsel at Eigen Labs and analyzed the GENIUS Act during his tenure at Latham & Watkins. The company's goal is to make stablecoins more accessible and usable in mainstream finance by providing a single platform for institutions to manage their token holdings.

Better Money has already secured commitments from several issuers, including Paxos, Stripe's Bridge unit, and MoonPay, to support its launch. The clearinghouse will initially focus on handling payment tokens that meet the requirements of the GENIUS Act, which includes a dual licensing regime for fiat-backed stablecoin issuers, mandatory monthly disclosure of reserves, and annual audited financials for large issuers.