Ex-Citadel employees raised $17M for Fin, a stablecoin-based app offering instant, large-value cross-border transfers, positioning it as a user-friendly challenger to big banks.

Former Citadel employees Ian Krotinsky and Aashiq Dheeraj have raised $17 million in funding for Fin, a stablecoin-powered payments application designed to facilitate instant cross-border money transfers, the company announced.

Pantera Capital led the financing round, with participation from Sequoia and Samsung Next, according to the startup. Fin plans to launch a pilot program with import-export businesses next month.

Former Citadel employees launch stablecoin payments app

The founders identified challenges in international payments while developing side projects at Citadel, when they attempted to compensate users who reached the front page of a Reddit-like platform they created, according to company statements.

Fin targets large-value transactions, allowing users to send money to other Fin users, bank accounts, or cryptocurrency wallets. The platform utilizes stablecoin infrastructure to reduce transfer fees compared to traditional banking channels, according to the company.

Krotinsky described the platform as “the payments app of the future,” stating it “leverages the benefits of stablecoins without all the complexity and will work anywhere in the world.” The startup provided a demonstration to Fortune, showing a design that prioritizes user-friendliness over technical terminology.

Traditional wire transfers through commercial banks can require several days and incur substantial fees, particularly for international transactions between countries with different financial systems. Fin aims to offer near-instant settlement for scenarios including watch dealers selling to foreign customers or domestic transfers exceeding limits imposed by consumer payment applications.

The company plans to generate revenue through transaction fees and interest earned on stablecoins held in Fin wallets, according to company disclosures. The pilot program with import-export businesses represents the first step toward broader commercial availability.

Krotinsky positioned the startup against major commercial banks rather than cryptocurrency-native competitors, arguing that large financial institutions have built payment products incorrectly and will struggle to migrate existing systems onto stablecoin infrastructure. “I think we have the opportunity of being the next largest payments app in the world,” Krotinsky stated. “People are going to be surprised at how quickly we move to get there.”

The funding follows major institutional moves into stablecoin infrastructure. Citadel Securities recently invested in a cryptocurrency exchange, deepening Wall Street’s commitment to digital assets. The firm also participated in a funding round for Ripple, according to reports.

Ten major European banks formed a consortium to launch a euro-backed stablecoin by mid-2026, addressing concerns about reliance on dollar-denominated tokens, according to announcements from the institutions. Sony Bank plans to roll out a USD-pegged stablecoin for payments and settlement within its gaming and anime business and is reportedly preparing to issue a regulated US dollar stablecoin for American customers as early as fiscal 2026.

Federal regulators are advancing implementation of the GENIUS Act, with the FDIC expected to publish its first stablecoin rule framework later this month, according to agency statements. Acting FDIC Chair Travis Hill confirmed the agency is drafting rules for how stablecoin issuers will apply for approval, with separate prudential standards planned for early next year.

Sources >> Ex-Citadel quants raise $17M for Fin, a global stablecoin payments app