Keep existing card checkout, settle merchants in stablecoins backend

Keep existing card checkout, settle merchants in stablecoins backend targets a $6.0B = 200k mid-market e-commerce merchants x $30k ACV. Rationale: target merchants doing >$1M GMV that care about treasury optimization and would pay for a settlement and treasury tooling subscription and fees that together average about $30k/year. total addressable market with medium saturation and a year-over-year growth rate of 20-40% year over year adoption growth for stablecoin usage in enterprise treasury and crypto settlement use cases.

Key trends driving demand: Stablecoin growth -- USDC and other programmatic stablecoins are seeing increasing enterprise adoption for treasury and cross-border settlement, lowering rails costs.; Merchant UX expectations -- buyer preference for one-click and native wallet options like Apple Pay mean visible crypto checkout is a conversion blocker.; API-first custody and rails -- custody and transfers can now be accessed via APIs from large providers, enabling faster integrations for backend settlement.; Cross-border payments pressure -- rising demand for cheaper, faster settlement drives merchants to consider onchain rails as an alternative to traditional FX corridors..