Interesting move in the stablecoin market. Former a16z crypto investor, Sam Broner, together with Adam Zuckerman (a guy from Latham & Watkins and Eigen Labs), founded The Better Money Company and just closed a seed round of $10 million. a16z crypto led the round, with BoxGroup and Sunflower Capital also participating. They were joined by angel investors like Sean Neville from Circle and Charlie Songhurst, a former Microsoft executive.

What is this project about? They want to build a clearing house for stablecoins. In other words, a platform for low-cost exchanges between different dollar-pegged tokens. Broner spent over two years at a16z focusing specifically on stablecoins, so he knows what he's doing. The project launched last November, and they already have commitments from issuers like Paxos and Stripe’s Bridge.

It's interesting that they plan to support almost all tokens compliant with the new Genius Act, except USDT. This move shows how much the landscape around stablecoin regulation is changing. USAT remains outside of this, but that’s a different story.

The product isn’t publicly available yet, but they say it should be accessible in a few weeks. This looks like it could be a significant move in the space, as fragmentation of money across different tokens is one of the main pain points for institutions. If they succeed in making this truly low-cost and frictionless, it could be a game changer for the entire sector.