Welcome to the Movement Overview. In this edition, we cover Movement’s acquisition of licensed payment rails, fintech and neobank partnerships, and the launch of tokenized gold on the network.
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Movement Metrics
Daily transactions: 37.1K (+2.8%)
Network transactions per second: 33 tx/s (+6.5%)
Daily active accounts: 5.7K (-6.6%)
Total Value Locked: $127.3M (-25%)
Movement stablecoin market cap: $39.2M (-3.2%)
The metrics are accurate at the time of publication.
Movement Monthly Spotlight
Movement is expanding its focus toward cross-border payments, remittances, and stablecoin-based savings products aimed at emerging markets. The network has secured access to licensed payment rails across the United States, Canada and Europe in a bid to offer fintechs, neobanks and payment providers a way to provide cross-border services.
The rails are meant to give the network direct control over FX conversions. “Almost every single blockchain, outside of Ethereum and Bitcoin, can send money anywhere instantly; that’s not the issue,” Movement CEO Torab Arya said recently on StrataMedia’s Talking Tokens podcast. “Instead of being dependent on other partners, we want to have access to these payment rails to be able to get money not just on-ramped into blockchain and stablecoins, but also be able to send them into specific corridors that we're going to focus on.”
In practice, applications using Movement can build stablecoin systems that bake in payment rails, offer yield on top, and allow instant redemptions.
Movement sees this as an opportunity to serve emerging markets where managing FX fluctuations has encouraged people to turn to stablecoins for remittances. “The real question that I think we need to start asking is: how do we responsibly introduce stablecoins into economies, at scale, and not just to young professionals who are trying to get paid overseas in USDT or USDC?” Arya said. “There's a much bigger game being played and so that's where we are right now.”
What’s Move-ing the Ecosystem
Fasset, a crypto neobank operating in Asia and Africa, has listed the MOVE token, and is running an airdrop campaign
Movement and Zoth have partnered to allow fintech apps, neobanks and payment companies on the network to offer yield on users' stablecoin balances, specifically in emerging markets
Movement participated in Sorted Wallet's $4.4M seed round, a non-custodial money app for users in Nigeria, Kenya, Pakistan and other emerging markets
Tapping into the Community
Want to dive deeper into the Move ecosystem?
Ali Sheikh, chief strategy officer of Movement, spoke at the Stable Summit about what needs to be implemented for regulated stablecoin rails across the U.S. and EU.
Oro, a tokenized gold platform offering yields and physical redemptions, launched on Movement
Yuzu Money integrated with Movement Network, allowing users to earn yield on USDC from U.S. Treasury bills, AAA-rated corporate loan products, and overcollateralized crypto lending
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.