Fizen has been building Stablecoin Payments since 2022. In 2025, Tether, the world's largest stablecoin issuer, strategically invested in Fizen, validating our work and direction. Now in 2026, with our products ready for scale, we are launching the $FIZEN Token to amplify the entire model.
Our story started in 2021. Fizen was just a few founders and a research team back then. We spent that year diving deep into every blockchain business model - the forecasts, the on-chain data, the case studies. From all of that research, we reached one clear conclusion: Stablecoin Payments would become one of the few truly useful applications crypto could bring to the real world. We committed to building Fizen entirely around crypto payments - a focus we have kept ever since. After that long research phase, in 2022 we started building.
Few people cared at the time; volumes were tiny while the market chased quick money in hype-driven Ponzi-style projects and later gambling memecoins - phantom TVL, airdrop farming, eight- and nine-figure raises that ended in rugs. Only a handful of startups built for real users, real needs, and durable products. Fizen is one of them - and we have stayed steadfast in that direction. We invest serious time into product depth - our moat for the future.
We see the hype cycle gradually fading and ending by mid-2026. Now is the moment when fundamentals start outlasting short-term hype - and this dynamic will only deepen from here on, much as Amazon survived and strengthened through the dot-com crash.
Stablecoin Payments are our core product. With thin margins, the real advantage only emerges at scale - so our early-stage growth strategy to capture market share rests on two moves:
Alongside PayFi, RWA, and travel commerce, our revenue stack includes a quantitative trading engine with top-tier, verifiable performance of 11.97% per month - directly funding Fizen Card's generous cashback programs.
Total Stablecoin Volume ($46T) and Stablecoin Payment Volume ($0.39T)
$46T
Stablecoin Transaction
Volume (2025)
$0.39T Stablecoin Payment Volume
= only 0.85% of total stablecoin volume
Four years ago, neither the infrastructure nor the holder base existed at scale. Today, both are growing fast.
99.15% gap
Only 0.85% of total stablecoin volume currently flows as real payment activity.
+105% YoY
Stablecoin Payment Volume grew from $0.19T (2024) to $0.39T (2025).
+673% YoY
Card spending growth in the same period - the fastest-growing segment within stablecoin payments.
From $10B to projected $4.5T+ over 8 years. The biggest waves are still ahead.
172M stablecoin holders. Many crypto card programs have launched, but only around 25 have real market presence and meaningful volume - vs 5,000+ traditional debit issuers in the US alone.
The opportunity is enormous, yet fewer than 25 scaled crypto card programs compete for 172M stablecoin holders. Two structural problems explain why most players cannot convert that whitespace into durable growth.
Most crypto cards offer less than 3% cashback - the same as traditional bank cards. With no clearly better reward, users have little reason to leave Visa and Mastercard products they already trust.
Token-funded cashback inflates supply and drags token price down, eroding the real value of rewards over time. Examples: CRO (Crypto.com) from $0.96 to $0.05; NEXO down ~90% from ATH; WXT (Wirex) from $0.05 peak to $0.001.
A business that relies solely on card-payment revenue cannot generate enough budget for aggressive customer acquisition.
Most small startups never access the Visa interchange fee directly - it is captured by the intermediaries (BIN sponsors and program managers) that sit between them and the card network. Even the largest crypto card players keep only a small slice of interchange, around 1%.
With so little margin from the payment business, few crypto card players can offer concierge and luxury benefits - the loyalty tools traditional banks have used for decades to retain high-value customers. Without them, users are not sticky and hop from one platform to the next.
Multiple revenue streams from financial products fund continuous customer acquisition.
Most crypto cards replicate only one part of this model - typically cashback - without the multi-product revenue engine that makes the cycle compound.
Fizen has studied the bank model closely and spent years learning from it - a full neobank stack, not a single-product card. Three pillars form our moat:
One app where everyday people and new crypto users can spend stablecoins on everything in life - payments, travel, stock and ETF trading, and more.
Multiple products make users sticky and lift retention, while opening multiple revenue streams - which in turn fund more cashback rewards for users.
A professional fintech company with top-notch customer support and exclusive programs for high-value customers - the loyalty tools that keep them around.
Product first → Token second → Scale third