Payments: an industry so complex that even the most caffeinated consultants struggle to map the flows. Built on ancient rails, propped up by legacy banks running software last updated when dial-up was still a thing. Naturally, we saw an opportunity.

Back in 2019, when “stablecoin” sounded more like a crypto casino than a financial revolution, we met Jesse Hemson-Struthers and Donald Jackson – two rare founders with the ambition and grit to modernise this mess. We backed BVNK. Not because we had a crystal ball – but because when you meet entrepreneurs of this calibre, you listen.

Fast forward to today: stablecoins are no longer a fringe idea debated at blockchain meetups. Stablecoin has become one of the most talked about (and misunderstood) technologies in global finance. $240bn+ ‘market cap’. Over $35tn in annual transfers. Major banks, regulators and fintech giants are now taking note. Stripe paid $1.1bn to acquire Bridge. Visa and Mastercard are rolling out stablecoin payment networks.

For Concentric, the lesson was clear: when your early investment decision is proving right – double down. We have since committed further capital and resources into the stablecoin sector. Yet, as bullish as we are, it is still early days. Stablecoins are just starting to become mainstream. Much like the early internet, the infrastructure is forming, but the biggest innovations – and returns – are yet to come.

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