Tokenized Settlement Network Metal Raises Seed Funding, Airwallex Leads as Design Partner After Founder's Stablecoin Skepticism

Metal, a tokenized financial product settlement network, has completed a seed funding round led by Airwallex and Capital49, with the amount undisclosed. Airwallex also joins Metal as its first design partner. Notably, Airwallex founder Jack Zhang publicly questioned the utility of stablecoins in June 2025, arguing that crypto lacks real-world applications. This investment marks a strategic shift toward tokenized settlement technology.