PANews reported on November 15 that according to Bloomberg, people familiar with the matter revealed that BVNK, a stablecoin startup backed by Tiger Global Management LLC, is in talks with potential backers with the goal of raising at least $50 million. In the early stages of negotiations, the size of the financing and BVNK's valuation may change.

The move comes after financial technology giant Stripe announced in October that it would acquire stablecoin startup Bridge for $1.1 billion, sparking interest in the sector. People familiar with the matter said investors have shown strong interest in BVNK’s funding round and in stablecoin payment startups in general.