July Recap

Funding continues to impress, totaling $1.1 billion across 88 deals. July represents the second consecutive month with over $1 billion in funding and the fourth in 2025, compared to just one in 2024. Infrastructure made up about half of total funding and deal count, including our Deal of the Month, Stable, a USDT-centric layer one chain built to transform payments. CeFi was the second leading category in funding and deal count, representing slightly less than a quarter of both totals.