Movement secures licensed US, Canada and EU payment rails

Movement announced Tuesday that it gained access to licensed payment rails in the United States, Canada and the European Union to connect traditional banking systems with stablecoin settlement networks for cross-border transfers and treasury services.

The network plans to use the licensed infrastructure to move funds between legacy payment networks and blockchain-based stablecoin systems, focusing on settlement rather than fully on-chain token transfers.

Movement did not identify the regulated partners or financial institutions that will provide connectivity. The company added the rails will target regions with high payment costs and limited access to banking services.

The Movement Network Foundation repurchased about 19% of tokens previously allocated to investors, equal to roughly 4.2% of the MOVE token’s total supply. The buyback was part of the company’s shift to payments infrastructure. The MOVE token’s market capitalization fell from a peak near $2.5 billion to about $54 million.

Several smart-contract platforms, including Solana, Polygon and Aptos, have highlighted stablecoin payments, remittances and treasury services in their growth plans. The total value of stablecoins has surpassed $320 billion after U.S. legislation established a federal framework for payment stablecoins.

Global crypto transaction volume fell about 11% year over year in the first quarter. Movement did not provide a timeline for commercial rollouts or name the institutions involved.