OpenFX has secured $94 million in a Series A funding round as it develops a platform using stablecoins to speed up cross-border payments. CEO Prabhakar Reddy says the company aims to act as core infrastructure for global foreign exchange, allowing businesses like remittance firms, neobanks, and payroll providers to plug into its system instead of building their own.

Reddy likened OpenFX’s role to that of Anthropic in artificial intelligence, positioning the startup as foundational “pipes” for global money movement. The funding follows its $23 million emergence from stealth last year, with sources valuing the company at around $500 million.

The idea stems from Reddy’s experience seeing high remittance costs persist over decades. OpenFX aims to use stablecoins to move fiat value across borders in seconds and at lower cost. However, stablecoins still represent a small share of global payments, as traditional financial systems continue improving speed and efficiency within existing frameworks.