PANews reported on September 3rd that, according to Blockworks, the stablecoin project Reflect Money announced that it has completed a $3.75 million seed round of funding led by a16z Crypto's CSX Accelerator, with participation from Solana Ventures, Equilibrium, BigBrain Holdings, and Colosseum. The new funds will be used to build a "software-as-stablecoin" infrastructure, enabling any application to issue interest-bearing US dollars without locking up funds or complex operations.

The Reflect protocol tokenizes on-chain DeFi strategies and converts deposited USDC balances into interest-bearing "USDC+" while maintaining sufficient liquidity. The stablecoin will be non-custodial and can be minted and redeemed on demand at any time. Reflect is scheduled to launch on its mainnet in early September, initially supporting USDC on Solana.