Curql Funds Stablecore to Secure Credit Union Deposits

Curql, a collective of more than 160 credit unions that jointly invest in FinTech, said Tuesday (Feb. 10) that it invested in digital asset core platform Stablecore.

Stablecore’s platform enables credit unions to offer stablecoin and digital asset products to their members, Curql said in a Tuesday press release.

The investment follows the July passage of the GENIUS Act as well as other regulatory changes around digital assets, the group said in the release.

While credit unions are now well positioned to offer stablecoins and digital assets to their members, many of these institutions must solve gaps in their existing technology stack before they can do so, according to the release.

Stablecore offers a solution with its platform that integrates digital asset custody, blockchain infrastructure, compliance and digital asset ledgering, per the release.

“Stablecore removes the technology barrier,” Curql President and CEO Nick Evens said in the release. “Our credit union owners see this as essential infrastructure for staying competitive in the years ahead.”

Curql Fund Principal Martin Walker said in the release: “While blockchain technology, cryptocurrencies and digital assets aren’t really ‘new’ anymore, we believe stablecoins and tokenization enable several use cases that will be disruptive to payments, money movement and operations within financial institutions.”

Stablecore Co-Founder and CEO Alex Treece said in the release: “As digital assets and stablecoins continue to see rapid growth, credit unions must evolve to support these products in order to preserve their deposits, remain competitive and continue serving as their members’ primary account.”

Treece announced in a September blog post that Curql was among the investors participating in Stablecore’s $20 million funding round. He said Stablecore would use the additional funding secure in the round to support its bank and credit union clients.

Jordan Leites, vice president at Norwest, which led the round, said in a September press release that stablecoins and digital assets are moving into the heart of the financial system and that Stablecore is building the infrastructure for this next era of banking.

“Stablecore is leading the charge, bringing together deep digital asset expertise and large-scale enterprise execution to deliver trusted solutions for banks and credit unions,” Leites said.

PYMNTS reported in September that as financial services move on-chain, credit unions and regional banks are faced with the choice to either plug in or risk being routed around.