Another stablecoin startup has raised serious cash. M0, a company that develops stablecoin infrastructure, announced Thursday that it had raised $40 million in a funding round led by the crypto venture capital firm Polychain and the fintech investor Ribbit Capital.

Other participants included the Endeavor Catalyst fund and existing investors like Pantera and Bain Capital Crypto. Luca Prosperi, cofounder and CEO of M0, declined to specify his startup’s valuation. The Series B round was for equity and locked stashes of the startup’s cryptocurrency, or tokens that can only be sold after a set time period. M0 has raised almost $100 million in capital so far.

“We cannot have 1,000 different Tethers and Circles,” Prosperi told Fortune , referring to the two largest issuers of stablecoins.

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