Dubai’s Code & State Raises $3M to Fuel Stablecoin Innovation Wave

Editorial Team

Last updated 25-03-2025

2 min

Code & State raised $3 million to support stablecoin ventures with backing from Warburg Serres and KR1.

The funds will provide startups with funding, mentorship, and technical infrastructure to solve stablecoin challenges.

Stablecoin usage is booming, with global transaction volumes surpassing $15 trillion recently.

Code & State aims to fast-track promising UAE startups in payments, remittances, and DeFi.

Founder Cedric Waldburger envisions stablecoins multiplying tenfold in market cap over five years.

Dubai-based startup studio Code & State has landed an impressive $3 million in funding to nurture a fresh wave of stablecoin ventures. Backed by Warburg Serres and KR1, the funds will help the company support innovative startups focused on broadening the real-world adoption of these cryptocurrencies.

Code & State, founded by entrepreneur Cedric Waldburger—well-known for his involvement with crypto company Liquity—intends to deploy the fresh capital by offering funding, mentorship, and technical infrastructure to a carefully selected group of businesses targeting specific challenges tied to stablecoins. These challenges range widely from payment systems and remittances to compliance and robust security infrastructure.

This funding spree comes at a transformative moment for stablecoins. The sector has experienced massive growth recently, outstripping traditional payment giants. In fact, transaction volumes globally topped $15 trillion in 2024—surpassing even Visa's anual payment volumes. This eye-opening growth underscores the urgent need for reliable technological and regulatory frameworks to ensure stablecoins can live up to their full potential.

Much of this momentum is driven by the increasing popularity of stablecoins in cross-border payments, everyday transactions, and decentralised finance (or DeFi), highlighting an appetite for more practical applications of digital currencies. In response, Code & State plans to prioritise promising entrepreneurs based in the UAE, aiming to help them swiftly move startups from early-stage concepts to market-ready solutions.

Startup founder Cedric Waldburger, no stranger to the crypto space, predicts an ambitious future: "We believe the total market cap of stablecoins is poised to multiply tenfold in the coming five years—potentially surpassing $1.5 trillion." Clearly, confidence in the sector is running high.

Code & State’s programme is carefully structured to grant entrepreneurs robust resources—such as seed funding, hands-on mentorship, and valuable industry connections—to give fresh innovations their best shot at success. So, if you’re in Dubai and have an intriguing idea that fits their bill, Arageek readers might want to keep close tabs on this accelerating trend that's shaking things up globally.

For an industry known for its turbulent ups and downs, seeing a homegrown Dubai initiative making waves feels just about right.

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