On July 15, Fortune magazine reported that Dakota, a stablecoin bank founded by former Coinbase executive Ryan Bozarth, completed a US$12.5 million Series A financing round led by CoinFund, with participation from 6th Man Ventures, Digital Currency Group, and Kraken's Triton Ventures. Dakota uses stablecoins to transfer funds and provides bank account-like services to businesses and individuals. Its business model combines traditional banking functions with blockchain technology, mainly serving overseas corporate users in non-crypto fields. The platform has currently processed $1.6 billion in transactions and is expected to reach $4.0 billion by the end of 2025. Although it does not hold a banking license, the company has registered as a money service business in the United States and Europe. [PANews]