Binance to Lead Mesh Round Valuing Payments Firm at $2B

Reports indicate Binance will lead a funding round that would value Mesh, a crypto payments and settlement firm, at as much as $2 billion. Public records do not yet confirm whether the round has closed or the final investor list.

Mesh built a payments and settlement layer that connects wallets, exchanges, blockchains and merchants. The company announced a $75 million Series C in January that valued the business at $1 billion.

Mesh offers a single merchant integration that supports more than 300 wallets and exchanges. Merchants can accept settlement in stablecoins or local currency while customers pay from existing exchange accounts, self‑custody wallets or fintech apps. The company also provides deposits, identity verification, payouts, and on‑ and off‑ramps.

Market estimates in early July put total stablecoin market capitalization near $292 billion, with USDT and USDC accounting for most of that supply. Those tokens often sit on exchanges or in wallets and are not automatically spendable at every merchant.

A routing layer links where funds are held to how merchants accept settlement. That layer determines which wallets and accounts can be used at checkout, whether conversion happens before or after payment, and which chains carry settlement.

An exchange investing in a routing provider would have a presence in the transaction layer that connects on‑platform balances to outside commerce. In a November blog post, Binance reported that Binance Pay had more than 20 million merchants and that over 98% of its B2C payments in 2025 were settled in stablecoins.

Other payments firms are pursuing account‑to‑merchant paths that reduce the number of integrations merchants must build. One example connects a mainstream merchant network to multiple tokens and wallet connections so customers can pay from existing crypto accounts while merchants see a simplified settlement process.

Reports describe a lead investor role and a valuation target for the round; the available public filings do not yet show closing documents or detail any governance or routing privileges tied to investors. Mesh promotes an alliance program that links wallets, exchanges, blockchains and issuers as a network for payment routing.

The company markets its product as a way to turn fragmented crypto balances into usable checkout flows. Stablecoin issuers continue to compete on reserve backing and regulatory status. Distribution and routing determine how tokenized dollars are presented to users and settled by merchants.