Kontigo, a stablecoin-focused bank backed by Coinbase Ventures, has successfully raised $20 million in a seed funding round. The firm reports generating $30 million in annual revenue and claims a user base of 1 million. Kontigo offers a 10% yield on USDC deposits without requiring KYC checks, a practice that has sparked concerns about sustainability and risk, drawing parallels to previous failures such as Terra UST.