According to Fortune, Sphere, a cross-border payment stablecoin company, has completed a $5 million financing round, led by Coinbase and Kraken. Founded in 2022, Sphere is committed to providing cross-border payment services similar to Stripe through stablecoins, supporting the rapid flow of funds around the world, and working with local banks to complete the exchange of stablecoins and fiat currencies. Sphere plans to use this round of financing to strengthen compliance and risk management.