PANews reported on October 22nd that Modern Treasury, a payments infrastructure company valued at $2.1 billion, has acquired stablecoin startup Beam, according to Fortune magazine. Sources revealed that the acquisition was an all-stock transaction valued at approximately $40 million. As part of the deal, Beam's founder will join Modern Treasury and help lead the company's expansion into the stablecoin payments sector.

Founded in 2022, Beam provides software for banks and other businesses to send and receive stablecoins. Modern Treasury initially joined the Y Combinator incubator in the summer of 2018, positioning itself as a one-stop service provider for businesses to handle capital flows.