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Galaxy Ventures led the initial investment in stablecoin startup Boundary Labs, which has completed a $2 million pre-seed funding round. Participating investors include First Block Capital and BlackWood. The company plans to launch the institutional stablecoin USBD on Ethereum in early summer 2026, positioning it as a stablecoin that enables sustainable on-chain reserve and net asset value (NAV) verification. Boundary said that USBD itself does not offer yields; eligible institutional users can obtain protocol income by staking the staked token sUSBD. The related revenue mainly comes from delta-neutral DeFi strategies such as funding rate and basis arbitrage. (The Block)