Binance is reported to lead a funding round in Mesh that could value the crypto payments firm at up to $2 billion. The Axios Pro report said the round would mark a larger increase from Mesh’s previous $75 million Series C at a $1 billion valuation. Mesh announced in January that it had closed the Series C and described its network as connecting more than 300 wallets and exchanges to enable stablecoin or local‑currency settlement for merchants. The investment would give Binance influence over the routing layer that determines how stablecoin balances move from wallets, exchanges and wallets to merchants and payment providers. Stablecoin payments have expanded to a market cap of about $292 billion with daily trading volume of $95.6 billion, according to CryptoSlate data. While issuers retain control over reserve quality and redemption, the transaction layer adds a new source of leverage through wallet support, chain selection and conversion timing. Other payment firms such as PayPal are also developing crypto payment services that link merchants with wallets including Coinbase, OKX, Binance, Kraken, Phantom and MetaMask. The White House noted the GENIUS Act provides a regulatory framework for stablecoin payments, and analysts say adoption is driven by cost savings and speed. The report raises questions about whether the Mesh network will remain neutral, whether Binance will receive privileged routing rights, and how the broader market will respond to an exchange‑centered payments infrastructure.