How many stablecoin cross-border B2B companies are actually funded? I reviewed 589 companies from the @VerdaVentures Stablescape list and checked each one individually for confirmed funding rounds across all available sources. I also removed projects that had been misclassified into the category, which left 568 real ones. Result: 193 of 568 ( 34% ) have a confirmed funding round. 375 ( 66% ) show no public evidence of outside capital. Of the 193 funded: - 159 disclosed the amount - $4b in total, median $7m per company - 34 raised money but did not disclose the size What else the check revealed: 1/ Capital is concentrated at the top. 64 companies at Series A or later account for 76% of the $4b disclosed. The long tail of ~ 375 companies is either bootstrapped, pre-launch, or already dead. 2/ Market maps overstate the sector. "589 companies building stablecoin rails for cross-border payments" sounds like a crowded market. The real investable universe is under 200 companies, and the one with meaningful traction is smaller still. 3/ Africa is large by headcount, thin by capital. 90 companies, 51 of them in Nigeria - the third-largest region by count after North America and Europe, but with the lowest funded share among major regions ( 30% ) and the smallest median round ( $3m vs $9.5m in North America ). What this means for investors The category has the structure of an early-stage sector. Of 568 companies, 194 were founded in 2025-2026, and 2025 was a record year for rounds - 79 vs 40 in 2024. At the same time, capital is already concentrated: 64 companies at Series A or later hold 76% of disclosed funding. The market is young in composition and mature at the top - the classic picture before a wave of seed deals, when the infrastructure leaders are set and the next layer has not yet been selected. 375 companies without public funding are not 375 opportunities. Most of them will never get past a landing page. But this tail contains the 2024-2026 cohort that has not yet raised institutional money: 217 teams. For a pre-seed/seed fund, that is the pipeline - and it should be screened on traction, not on the existence of a website. The practical takeaway: deal competition at Series A in this category is already high - 60+ companies and large checks. At pre-seed/seed it is low, because two-thirds of the market has no investor at all. If the fund's thesis is stablecoin rails for cross-border settlement, the entry window right now is not at the top but in the tail, and the filter should be onchain volume, not a position on a market map. Caveat: public sources only, so quiet rounds are not visible - 34% should be read as a lower bound.