Weekly Funding Signal\nStablecoin payment rails and tokenized asset infrastructure absorbed the bulk of institutional crypto capital, while Asian expansion plans shaped both insurance and exchange deals.\n\n## Key Deals\n| Project | Sector | Amount | Investors | Why It Matters |\n| --- | --- | --- | --- | --- |\n| Spiko | RWA / Tokenized Cash Funds | $90M Series B | NEA led | With $2.7B AUM across 25+ jurisdictions, Spiko is becoming a reference point for on-chain money market infrastructure. |\n| Noah | Stablecoin Payments | $38M Seed | Endeit Capital, FJ Labs, LocalGlobe, Felix Capital | A large seed for cross-border remittance signals rising conviction in stablecoin-based payments outside the US. |\n| IPID | Fintech / Payments | $16M Series A | Foundation Capital led; Citi, HSBC participated | Singapore-based IPID is using bank backing to build payment rails between fiat, stablecoins, and digital assets. |\n| OKX | Centralized Exchange | Undisclosed | SC Ventures, Circle, Ripple, Qube Research & Technologies | A $25B valuation extension shows legacy financial players treating major exchanges as core infrastructure. |\n| Meanwhile | Bitcoin Life Insurance | $37M | Bain Capital Crypto led | The first fully bitcoin-denominated life insurer is using fresh capital to expand across Asia, Europe, and the Middle East. |\n| DeepSeek | AI / Foundation Models | ~$12B | Tencent, CATL | A China-founded model maker is close to one of the largest private AI rounds, with an IPO targeted for early 2027. |\n| Moonshot AI | AI / Foundation Models | Undisclosed | Not disclosed | The $50B-valued Chinese AI firm completed a pre-IPO round and is preparing for a Hong Kong listing. |\n\n## Builder to Watch\n- Spiko: Spiko has quietly become one of the most consequential tokenized cash fund issuers outside the US, reaching $2.7 billion in AUM across more than 25 jurisdictions. The NEA-led $90 million Series B gives it room to launch new products and expand into markets where compliant, on-chain money market exposure remains scarce. Its growth matters because tokenized T-bill and cash funds are becoming the default bridge between traditional portfolios and blockchain rails. The round confirms that RWA infrastructure, not speculative DeFi, is now drawing the largest institutional checks.\n\n## Also Noted\n- Navra: The Ribbit Capital-led $19M Series A included Jump Crypto and DCM. Navra's keyless self-custody and multi-chain DeFi access position it for Asia's institutional and retail users seeking compliant yield infrastructure.\n- Anyflo: The Singapore-based enterprise stablecoin payment orchestrator emerged from Mysten Labs and received $1M in funding. It is targeting Sui's ecosystem and planning a private alpha in October 2026.\n- Mecka AI: Sequoia led the $60M Series B for the robotics data startup. Samsung Electronics and Qualcomm's participation points to deep Asia hardware integration as humanoid robot training scales.\n- Catalyst: Sequoia's $30M seed investment in the AI trading agent startup included Peak XV and Premji Invest, two India-linked investors, though Catalyst's market focus is not explicitly Asia-first.\n- Butterfly Effect: The Manus parent raised over $500M led by Boyu Capital and IDG Capital, with Tencent and Sequoia China following on. The China-founded AI agent company is scaling globally while maintaining strong domestic backing.\n\n## Capital Flow\n- Stablecoin payments and tokenized cash funds attracted the largest crypto rounds this week, with Spiko raising $90M and Noah pulling in $38M at seed stage.\n- Traditional financial institutions increasingly co-invested alongside crypto-native funds: Standard Chartered, Citi, HSBC, Circle, and Ripple all appeared in exchange and fintech deals.\n- Asia's funding signal was strongest in Singapore and China, with Singapore-based payment rails expanding toward US and stablecoin markets, while Chinese AI labs dominated late-stage private capital.\n\n## PANews View\nThe lines between crypto infrastructure and traditional finance are eroding faster than most incumbents acknowledge. When a life insurer raises money explicitly for Asian bitcoin-denominated policies and a top exchange extends its round with a global bank, the region is no longer an expansion story but a primary market. The real gap is execution: capital is abundant, but compliant stablecoin rails and regulated tokenized products are still being built at the speed of bank partnerships, not crypto product cycles.