Enable fiat checkout, backend stablecoin settlement for merchants

Enable fiat checkout, backend stablecoin settlement for merchants targets a $5.6B = 100k target merchants x $56k ACV. Assumes 100k mid-market online merchants globally that could benefit from stablecoin settlement, with ACV derived from 0.5% take rate on $10M average annual processed volume plus integration/subscription fees (~$56k). total addressable market with medium saturation and a year-over-year growth rate of 20-40% growth in merchant interest for crypto-native treasury tools as stablecoin usage in business payments grows.

Key trends driving demand: Checkout UX lock-in -- Most online conversions rely on Apple Pay and card flows, so any payments solution that preserves those checkouts has a conversion advantage.; Stablecoin treasury adoption -- More businesses are testing USDC and other stablecoins for treasuries and cross-border settlement, creating demand for backend settlement tools.; API-first crypto rails -- Improvements in custody, liquidity, and settlement APIs reduce integration complexity and speed time to market for backend settlement products..