Author: DLNews; Compiler: Shenchao TechFlow

VCs are still taking action in the bear market, but the standards have changed - the era of "financing by relying on narratives and PPTs" has passed. This article uses DefiLlama data and the original words of front-line VCs to clearly present the new logic of the encryption primary market in 2026: Stablecoins, AI Agents, and institutional compliance tools are the three hot topics at the moment, and the reappearance of names like Andre Cronje and Tether is also worthy of attention.

Despite the market downturn, venture capital institutions poured $883 million into crypto startups in February, according to DefiLlama data.

This figure is down 13% from the same period last year - when startups raised more than $1 billion during the crypto bull market.

Today, venture capital firms are still writing checks, but are becoming more cautious.

"Last year, you could raise money with a narrative and a PPT," Andrei Grachev, managing partner of crypto VC firm DWF Labs, told DL News.

"This year, investors want revenue, users, and a reason to believe the product can survive the bear market cycle," he said. "The era of casting a wide net and taking chances is over."

Grachev said bear markets "always bring opportunities," and some of DWF Labs' best-performing investments were made during downturns.

He identified three core themes that will drive venture capital investment in 2026: stablecoins and payment infrastructure, AI agents, and institutional tools such as compliance and treasury management.

"Not sexy, but this is the pipeline that the next $500 billion in institutional capital must flow through before it can touch any token."

The following are some of the largest financings in February.

Flying Tulip, $206 million

Flying Tulip, founded by DeFi senior architect Andre Cronje, raised $206 million through a token sale this month to build what it describes as an integrated financial technology stack.

The platform integrates spot trading, lending and perpetual contract derivatives with its native stablecoin ftUSD, positioning it as a vertically integrated liquidity hub.

A core innovation is the ftPUT structure, which gives token holders permanent redemption rights to anchor the bottom value of FT tokens.

Capital is allocated to relatively conservative yield venues such as Aave and Lido, aiming to generate sustainable native returns.

This financing shows that the DeFi model that combines structural downside protection with exchange-level financial instruments is being strongly favored by investors.

Whop, $200 million

Whop, the digital goods social commerce market, received a US$200 million strategic investment from stablecoin giant Tether, with a valuation of US$1.6 billion. The platform connects thousands of creators with more than 18 million users, facilitating sales of software, online courses and subscription communities.

The core of this deal is the integration of Tether’s Wallet Development Kit to enable self-custody settlement of USDT and the newly launched USAT stablecoin.

Whop said that by reducing reliance on traditional banking rails, the company aims to accelerate payments in the global creator economy, especially in emerging markets.

The financing will support expansion in Europe and Asia and provide funding for AI-powered business tools.

Anchorage Digital, $100 million

Anchorage Digital, the first digital asset bank in the United States to obtain a federal regulatory license, received a US$100 million strategic equity investment from Tether, raising its valuation to US$4.2 billion.

This investment deepens the cooperation between the two parties - under the framework of this cooperation, Anchorage serves as a regulated issuer of Tether's compliant US dollar stablecoin USAT.

Anchorage provides institutional-grade custody, staking, governance and settlement infrastructure, serving as a bridge between traditional capital markets and blockchain-native finance.