🧠 Food for thought

Implications, context, and why it matters.

Key financial and activity metrics require clearer sourcing and context

• A claim of roughly doubled revenue and client counts each year for two years is given without absolute figures such as revenue, annual recurring revenue, or total clients. Scale cannot be judged from percentages alone.
• About $21 trillion in assets under management was tied to asset managers using the platform during a Jefferies client call in November, CEO Anton Katz said 1.
• More than $150 billion in volume has been supported since inception, according to Talos 2. Current annual trading volume is not provided, so recent activity cannot be sized.
• A post-money valuation of about $1.5 billion is cited, up from $1.25 billion in May 2022 1.

Stablecoin settlement in fundraising underscores institutional on-chain payments, but market-wide figures need careful attribution

• Part of the investment was settled in stablecoins, which adds another example of on-chain payment rails in institutional deals.
• Transak, a payments infrastructure provider, says stablecoins processed $33 trillion in transaction volume in 2025. It also compares that figure to five times PayPal’s payment volume 3.
• Fintech operators can build stablecoin treasury tools, automated business-to-business (B2B) payments, and integrations with accounting systems. U.S. GAAP (Generally Accepted Accounting Principles) lacks a definitive standard for stablecoin accounting, and FASB (Financial Accounting Standards Board) has added a related project to its research agenda 4.
• Investors may find gaps in the infrastructure layer. Visa has expanded USDC settlement, including with U.S. banks in late 2025 per third-party reporting, which raises the need for compliant on-ramps and accounting software 5.