Soda Labs Raises $3M From NextBlock to Let Regulated Money Move Privately on Public Chains
Stablecoins in circulation reached a record of about $322 billion in May 2026, roughly twelve times their size at the end of 2020, while the value of tokenised real-world assets such as Treasuries and private credit quadrupled in a year to $26.4 billion. Every one of those dollars sits on ledgers where balances, counterparties and transaction amounts are visible to anyone who cares to look, which is the opposite of how banks, asset managers and payment companies are used to working. Soda Labs, which builds privacy infrastructure for financial activity on public blockchains, has raised a $3 million seed round to close that gap, with the Luxembourg venture firm NextBlock funding the entire round.
Stablecoin supply has grown roughly twelvefold since 2020 to a May 2026 record of $322.4bn, while tokenised real-world asSources: DefiLlama via Transak, Reap and RWA.xyz via PYMNTS
Why Public Ledgers Stop Institutions at the Door
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