Dubai, UAE – February 27, 2025 – Code & State, a Dubai-based venture studio specializing in stablecoin innovation, has successfully raised $3 million to support the next wave of stablecoin startups. The funding round, backed by Warburg Serres and KR1, will be used to incubate projects focused on expanding real-world adoption of stablecoins.
Backing from leading Web3 investors
Warburg Serres and KR1, both known for their early-stage investments in crypto and Web3, bring deep expertise and strategic networks to Code & State’s mission. Their backing reinforces the growing belief that stablecoins will play a pivotal role in global finance over the next decade.
A bold vision for stablecoin adoption
At the helm of Code & State is Cédric Waldburger, a founding investor in Liquity (LUSD stablecoin) and a serial entrepreneur with deep expertise in the crypto space. He sees stablecoins as a transformative force in global finance. “We believe that the total market cap of stablecoins will 10x in the next five years to over 1.5 trillion dollars,” said Waldburger, emphasizing the sector’s immense growth potential.
Alongside him is Artia Moghbel, former COO at Dfinity (Internet Computer Protocol) and Co-Founder at Code & State, who brings years of experience in scaling Web3 ventures. He highlights the unique advantage of the firm’s niche approach: “Our clear focus on stablecoin ventures creates network effects for all our in-house ventures.”
The studio provides capital, mentorship, and infrastructure to startups solving key challenges in the stablecoin space, from payment systems and remittances to compliance and security. The stablecoin sector is experiencing explosive growth, with global transaction volumes exceeding $15 trillion in 2024, surpassing Visa’s annual payments. The rising adoption of stablecoins for cross-border payments, everyday transactions, and decentralized finance (DeFi) underscores the need for robust infrastructure and innovation in the space.
Entrepreneur-in-residence program now open
As a founder himself, Cédric Waldburger understands the importance of equity incentives for entrepreneurs. “It’s important to me that our portfolio founders retain 80% of the upside in their venture – we believe it’s key to attracting top talent,” he said, reinforcing Code & State’s commitment to empowering builders.
Code & State is now actively seeking entrepreneurs-in-residence (EIRs) to develop new stablecoin-focused ventures within the studio. Selected founders will receive hands-on support, funding, and access to a network of leading investors and industry experts. The program is designed to fast-track innovative projects from concept to market-ready solutions, ensuring that new startups have the best possible chance of success. Application details can be found on the Code & State website.
Driving the future of stablecoins
As demand for seamless, secure digital payments rises, Code & State is positioned to be a key catalyst for innovation. With a focused investment strategy and strong industry backing, the studio is shaping the next generation of stablecoin ventures that will drive mass adoption and unlock new financial opportunities worldwide.
For more information or to apply for the EIR program, visit Code & State’s website.
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