According to Fortune, cross-border payment stablecoin company Sphere has completed a $5 million financing round, led by Coinbase and Kraken. Sphere was founded in 2022 and aims to provide cross-border payment services similar to Stripe through stablecoins, enabling fast capital flows globally and partnering with local banks to facilitate the exchange of stablecoins for fiat currency. Sphere plans to use this round of financing to strengthen compliance and risk management.