Venture investors have invested nearly $100 million in stablecoin startups, notably M0 and Rain, which are developing infrastructure for programmable money. M0 raised $40 million in a Series B round led by Polychain Capital, focusing on custom stablecoins for developers. It collaborates with partners like MetaMask and Playtron to enhance app integration. Meanwhile, Rain secured $58 million in funding to create tools for banks to issue regulated stablecoins, increasing its total funding to $88.5 million. The interest in programmable money reflects developments in the stablecoin market, which reached a market capitalization of $280 billion. Programmable money includes digital currencies with built-in automated rules, unlike traditional cash. M0 and Rain implement programmability, aiming to enhance the functionality of stablecoins. For instance, M0's technology allows for tailored stablecoins, while Rain facilitates compliant payrolls across jurisdictions. This ongoing evolution of programmable money includes government pilots, like Kazakhstan's digital tenge, which aims for accountability in payments. Although interest grows, concerns about CBCDs' potential for financial control linger. Private companies are also innovating, with examples of automatic payments tied to real-world outcomes verified through blockchain.

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