Woofun AI reports that on June 26, the tokenized financial settlement network Metal completed its seed round financing, a deal led by cross-border payment giant Airwallex and its investment arm Capital49. This transaction marks a definitive operational shift for Airwallex, moving from previous public skepticism regarding stablecoin utility to direct capital deployment in blockchain infrastructure designed for institutional-grade asset settlement. Metal operates as a global settlement network and Layer-1 blockchain specifically engineered for tokenized finance, natively supporting AI agent trading while integrating built-in identity verification and permission authorization systems to ensure institutional-level compliance and privacy. The platform's strategic objective extends far beyond simple stablecoin payments; it aims to facilitate the tokenized settlement of the entire spectrum of financial products, including stocks, bonds, and funds, thereby targeting a trillion-dollar institutional trading market that currently relies on legacy systems.

The leadership team behind Metal combines deep technical expertise with high-level regulatory experience, positioning the network for rapid enterprise adoption. Metal co-founder Loong Wang, formerly the founder of the well-known cross-chain protocol Ren Protocol, brings extensive knowledge of distributed systems and on-chain settlement mechanisms to the project. His technical background is complemented by co-founder Catherine Porter, who previously served as the global partnerships lead for Meta's globally renowned Libra project, later renamed Diem. This combination of on-chain engineering prowess and experience navigating the complexities of global regulatory frameworks for digital currency projects provides Metal with a unique competitive advantage in the emerging tokenized asset sector.

Through this strategic investment, Airwallex intends to integrate a diverse array of tokenized financial products directly into its existing payment network. The scope of these integrations includes not only stablecoins but also tokenized bank deposits, money markets, securities, and a range of other asset classes. Airwallex's core operational capabilities, which include global accounts, local collections, foreign exchange, corporate payments, and cross-border settlement, will serve as the fiat on-ramp and off-ramp for these digital assets. If Metal provides the robust on-chain settlement layer, Airwallex can simultaneously offer fiat currency channels, access to corporate clients, necessary compliance interfaces, and real-world global payment scenarios, creating a seamless bridge between traditional finance and decentralized networks.

Woofun AI data shows that Airwallex recently secured $320 million in Series H financing, driving its valuation to $11 billion and providing ample capital to execute its vision of an AI-native financial operating system. This influx of capital underscores the company's confidence in the tokenization thesis and its ability to fund the necessary infrastructure development. The investment in Metal reflects a significant evolution in the strategic outlook of Airwallex founder Jack Zhang, who previously criticized stablecoins for failing to reduce remittance costs compared to traditional interbank foreign exchange mechanisms. Zhang now explicitly distinguishes stablecoins from speculative cryptocurrencies, emphasizing that they are backed 1:1 by underlying reserve assets, a distinction that validates their utility for institutional settlement and cross-border efficiency.

Airwallex's entry into this space is not an isolated event but part of a broader, accelerating trend where the traditional financial system is aggressively competing to establish dominance in the stablecoin payment sector. Payment processor Stripe has acquired Bridge and Privy to complete its stablecoin payment and wallet infrastructure, while Mastercard acquired BVNK to enter the stablecoin corporate payment space. Major banking institutions, including JPMorgan, Citi, Bank of America, and Wells Fargo, have also been reported to plan the launch of tokenized networks to respond to the competitive pressure from crypto companies offering 24/7 settlement capabilities. Venture capital firm a16z views these coordinated actions as clear signals that the financial industry has crossed the critical point of migrating core settlement functions on-chain.

Even the most vocal critics within the traditional banking sector are adjusting their positions in response to this market reality. JPMorgan CEO Jamie Dimon, following the launch of JPMorgan's institutional payment dollar deposit token JPMD, acknowledged that stablecoins "actually exist" and stated that JPMorgan must participate in the ecosystem to fully understand their development trajectory. Similarly, Visa's crypto head Cuy Sheffield noted that while stablecoins may not disrupt card networks in U.S. retail payments, they offer transformative potential in emerging markets such as Latin America, Africa, and Asia-Pacific. In these regions, stablecoins can provide essential access to dollar acquisition and modern financial tools for populations underserved by traditional banking infrastructure. This convergence of traditional finance and blockchain technology suggests a permanent structural shift in global settlement architecture.