Stablecoin Conference · · 31 min
1Money Is Building One Vertically Integrated Stack for Stablecoin Payments
With Brian Shroder
Key takeaways
Brian Shroder says his team built the world's first blockchain remittance corridor, between Hong Kong and the Philippines, eight years ago.
1Money runs a live orchestration platform and a stablecoin issuance business, and it is building its own blockchain, which charges fees in the asset being sent and has no native gas token.
Matt Shroder says 1Money holds more US money transmission licenses than Bridge and Stripe, even though it is three or four years younger than them.
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Summary
The Shroder brothers say 1Money puts orchestration, issuance and a tokenless blockchain in one stack, and they are building it on licenses and lower fees.
Brian Shroder, co-founder and CEO of 1Money, says his team built the world's first blockchain remittance corridor eight years ago, linking Hong Kong and the Philippines. He and his brother and co-founder Matt Shroder are now building 1Money as one stack for moving stablecoins.
The founders
Before starting 1Money, Brian Shroder was CEO of Binance US for many years, and before that he worked at Ant Financial. Matt Shroder led expansion and operations for Binance Global and, before that, spent six years running Uber's central operations team. Matt says this is Brian's fourth company with money transmission licenses.
“One of our core values as a company is don't be a greedy financial institution. And so the way that we approach that in every single product is is how do we pass more of the value along?”
Three layers, one company
The 1money.com Orchestration Platform is live. Brian says businesses can apply for an account for free, with no application fee and no minimum monthly commitment. Matt Shroder says the business is off to "a massive start" on volumes in its first four months. On issuance, 1Money has announced a partnership with M0. Brian says the company holds largely the same US licenses as Circle, so it can issue a white-label stablecoin for a brand.
The third layer is the OneMoney Network, a blockchain Brian says the team has been working on for over two and a half years, with about eight patents filed. He says it can be deployed as a SaaS product: customers pay a monthly or yearly fee in place of per-transaction gas and get unlimited transactions.
No token, no gas asset
Brian Shroder calls building without a token a core principle. Users pay fees in whatever asset they are moving. He contrasts this with Ethereum: he says BlackRock was paying $13.50 per user per day in Ether gas fees to distribute its yield, and that ETH gas has spiked to about $50 per transaction over the last 36 months. He also argues that because Circle's Arc network charges gas in USDC, Tether USDt will probably never be issued on it.
Licenses and pricing
Matt Shroder says 1Money's US regulatory footprint now exceeds those of Bridge and Stripe. He adds that it holds a Bermuda BMA Class F license, the same license Circle and Coinbase use for many of their international entities. He says 1Money publishes its pricing online and that onboarding through self-serve KYB is free. Brian says buying USDT through 1Money currently costs less than on Coinbase, Binance or OKX.
Brian Shroder wants 1Money to be "the Switzerland of stablecoins," an infrastructure provider that works with everyone, and he expects legacy money to move on chain over time. Matt Shroder expects announcements on the stablecoin and blockchain products, along with new partnerships, within about sixty days.
Circle, Uber, Agora, and 1Money come up most.
- People
- Brian Shroder
- Matt Shroder
- Companies
- Circle
- Uber
- Agora
- 1Money
- Bridge
- Coinbase
- Binance Global
- Binance US
- BlackRock
- Ant Financial
- OKX
- Stripe
- Paxos Labs
- Tether
- M0
- Dfns
