Stablecoin startup Mo has raised $40 million in Series B funding as venture capital firms continue to pile money into the sector, Fortune reported on Thursday.

The funding round was led by Polychain and Ribbit Capital and included contributions from the Endeavor Catalyst fund and existing investors Pantera and Bain Capital Crypto.

Mo, which has now raised almost $100 million in capital do far, declined to disclose its valuation in the funding round, according to the report.

The startup is building a network for stablecoin issuers to deploy tokens without having to build their own software for transferring assets across chains or changing one token for another.

Luca Prosperi, co-founder and CEO, sums up the project's aim as building "the layer zero of money."

Stablecoins - token pegged

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