Boundary Labs raises $2M to build USBD, a verifiable, collateralized dollar for institutional custody
Boundary Labs, backed by Galaxy Ventures, is preparing USBD — an over‑collateralized, on‑chain verifiable stablecoin targeted at institutional users [1][2].
Boundary Labs, led by former Deutsche Bank executive Matthew Mezger, announced plans to launch USBD as a stablecoin aimed squarely at institutional counterparties and custody workflows [1] [2].
USBD is described as an over‑collateralized Ethereum stablecoin that replaces monthly third‑party attestations with continuous on‑chain verification of reserves and net asset value, providing a verifiable dollar representation on‑chain [3].
The design separates yield into a distinct token, sUSBD, intended for institutional risk‑takers while preserving principal stability in USBD, according to the project description [3].
Boundary Labs secured a $2 million pre‑seed round led by Galaxy Ventures, with participation from investors including First Block Capital and BlackWood, funding development toward the USBD launch [1] [4].
The startup positions USBD to fill a gap for institutional participants seeking on‑chain, continuously verifiable dollar exposure, with development financed by a Galaxy‑led pre‑seed round [3] [1].
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Citations
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- 1Boundary Labs raises $2 million to build verifiable stablecoin USBD for institutional marketCryptopolitan• May 11, 2026
- 2Galaxy-Backed Boundary To Launch USBD StablecoinCryptoProwl.com• May 11, 2026
- 3Boundary’s USBD aims to turn stablecoins into an on-chain “verifiable” dollarcrypto.news• May 11, 2026
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