Former a16z crypto investor raises $10M to build Better Money, a stablecoin clearinghouse for cheaper token swaps

Genius Act compliance as an admission filter means this clearinghouse launches without USDT — the $140B+ dominant stablecoin — and bets the entire thesis on regulated issuers winning the next cycle. It's basically CLS Bank for stablecoins, except CLS took decades of central bank arm-twisting to get dealer banks on board, and Broner's trying to bootstrap it in months with Paxos and Bridge as anchor participants. Sean Neville angel investing here while still being a Circle cofounder is the quiet tell — USDC already sees commoditization as inevitable and wants a seat at the plumbing layer that accelerates it.

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