Keep fiat checkout, settle merchants into stablecoins on the backend

Keep fiat checkout, settle merchants into stablecoins on the backend targets a $18.0B = 3,000,000 online merchants x $6,000 ACV. Assumes 3M target merchants globally who could use a settlement product, each paying ~1.2% effective take on $500k processed volume annually (or equivalent mix of subscription+volume fees). total addressable market with medium saturation and a year-over-year growth rate of 30%+ year over year growth in merchant interest for crypto-native treasury and stablecoin settlement across cross-border and SaaS payouts.

Key trends driving demand: Stablecoin treasury adoption -- more companies hold USDC/other stablecoins for treasury and cross-border efficiency, increasing demand for settlement rails.; Invisible crypto UX demand -- merchants refuse visible crypto checkouts due to conversion loss, creating demand for backend settlement solutions.; Mature custody and rails -- providers like Fireblocks, Circle, and custody APIs lower operational barriers to offer compliant settlement.; Cross-border payout pressure -- rising cross-border commerce pushes firms to seek faster, cheaper settlement rails that stablecoins can provide..