Welcome to the Movement Overview, a monthly deep dive into the Movement ecosystem. In this edition, we explore Movement’s partnership with El Vecino and RISE to power payment services across Mexico, its participation in the Mesh Alliance Program, and Hesab’s self-custody bank on Movement.
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Movement Metrics
Daily transactions: 3.3K (-65.6%)
Network transactions per second: 34 (+6.3%)
Monthly active accounts: 8.3K (+5.1%)
Total Value Locked: $3.6M (-26.5%)
Movement stablecoin market cap: $38.2M (-1.8%)
The metrics are accurate at the time of publication.
Movement Monthly Spotlight
Movement has partnered with New Jersey-based remittance operator El Vecino and wallet provider RISE to launch a digital-dollar service that lets customers send money to Mexico via WhatsApp. This would result in an easier process for customers, as it removes two steps corridors have used for years. Senders no longer need to visit a physical location to initiate each transfer, and they don’t need a U.S. bank account or a separate app to use the service, as it requires one to interact with just WhatsApp.
El Vecino brings physical remittance experience and an existing customer base, processing roughly 25,000 transactions a month and $70 million annually across remittances, payments, and check cashing, with about 85% of that volume headed to Mexico. RISE provides the wallet and its distribution network across Latin America, while Movement supplies the settlement layer, along with the regulated fiat on-ramps and off-ramps.
The service will pilot with El Vecino's 20,000 users before expanding through the RISE network to an estimated 800,000. Later on, the service is hoping to expand to other Latin American corridors, including Guatemala and El Salvador.
Taken together, the partnership goes back to Movement’s stated mission to be a cross-border payments, remittances, and stablecoin-based savings products aimed at emerging markets.
What’s Move-ing the Ecosystem
Movement has joined the Mesh Alliance Program, an interoperability initiative that connects partners through a shared payments infrastructure. The integration gives apps built on Movement a direct deposit path from the exchange accounts where users already hold balances, with stablecoin conversions handled directly.
Hesab launched a self-custody bank on Movement, using the network as its settlement layer for dollar-denominated transfers. This expands Movement into corridors across Africa and the Middle East, while removing the pre-funded accounts correspondent banking requires.
Later in the month, Hesab was named DFNS as the wallet layer for its global self-custody bank, giving users programmatically issued accounts where keys stay on their own device. Since Movement handles settlement underneath, it will power the backend to move dollar stablecoins across the Africa and Middle East corridors. This builds off Movement’s working relationship with DFNS, who previously added the network as a fully supported Tier-1 network in June.
Tapping into the Community
Want to dive deeper into the Move ecosystem?
USDCx, Movement's native USDC, listed on KuCoin and MEXC. The expansion to multiple CEXs allows more ways to convert into the stablecoin directly using local currencies or other supported cryptocurrencies.
Limelight released a Discord-native prediction market, settling markets using Movement’s USDCx stablecoin and Stableyard for on-ramps.
Dope Pay, a crypto payment app built on Movement, launched Dope Now so users in the Philippines and Vietnam make purchases using digital assets, via QR codes
Keep Moving
Want to explore Move Industries further?
Find the latest Movement job postings here
Read Movement’s official developer documentation to learn how to run nodes on the network
Check out the Parthenon Odyssey to apply for Movement’s content creator program
Catch you next month.
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.