Movement Network Pivots to Cross-Border Payments, Targets $685B Remittance Market
Movement, originally a layer-2 project linking Move-based blockchains with Ethereum, is pivoting to cross-border payments, remittances, and dollar savings products. The company announced Tuesday it secured access to licensed payment systems in the U.S., Canada, and the EU, and will focus on stablecoin-based settlement infrastructure for emerging markets. The shift reflects a broader trend among layer-2 networks, which face increasing competition and declining differentiation. Polygon has similarly emphasized payments and stablecoin infrastructure. Movement targets the $685 billion remittance market serving low and middle-income countries. The Movement Network Foundation repurchased ~19% of tokens allocated to investors (4.1% of total supply). MOVE was recently trading around $0.1435. CEO Torab Torabi stated the mission is to marry licensed payment rails with onchain settlement to modernize financial services in emerging markets.
Key facts
- Movement pivots from layer-2 scaling to cross-border payments and remittances.
- Secured licensed payment access in U.S., Canada, and EU for stablecoin settlement.
- Targets $685 billion remittance market for low and middle-income countries.
- Foundation repurchased 19% of investor tokens, 4.1% of total supply.
- Reflects broader layer-2 trend toward payments amid commoditization.