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