The World’s First “Programmable Bank” Is Here – And It’s Backed by Tether

Tether Investments has joined a $39 million Series A funding round for Pave Bank - a new financial institution positioning itself as the first “programmable bank” built for the era of digital assets and artificial intelligence.

The funds will help Pave Bank expand globally, develop new products, and strengthen its regulatory and technical foundation.
As of the CEO and co-founder Salim Dhanani, the world’s financial landscape is shifting toward regulated onchain systems, and institutions now need a secure bridge connecting traditional finance with the digital frontier.

He described Pave Bank as a multi-asset platform designed to blend the trust and oversight of conventional banking with the efficiency and innovation of blockchain and AI technologies.

Licensed in Georgia, Pave Bank targets corporate and institutional clients who operate in both fiat and digital asset environments. The newly raised capital will go toward growing its international presence, enhancing institutional-grade infrastructure, and expanding its service network across markets.

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Tether’s participation in the round aligns with its broader investment strategy. Profiting heavily from its stablecoin operations, Tether has diversified into sectors such as payments, renewable energy, Bitcoin, agriculture, artificial intelligence, and tokenization. The Series A was led by venture firm Accel, with contributions from Wintermute, Quona Capital, and Helios Digital Ventures.

Quona Capital’s managing partner, Ganesh Rengaswamy, highlighted that Pave’s full-reserve, programmable model merges traditional banking safeguards with digital asset capabilities. He added that such innovation could encourage wider stablecoin adoption and promote greater financial inclusion across global markets.