(4/4) Holding dollars, moving dollars: the two economics inside one stablecoin market

By Darren Wang, Founder and CEO, Owlting Group (NASDAQ: OWLS)

That history shapes how the cost of a payment behaves. The licenses, banking relationships and compliance systems were built before the volume arrived, so each new payment runs on infrastructure already in place. Fee levels vary by service. On the April 2026 earnings call, we described a conservative framework of 25 to 35 basis points (0.25% to 0.35%, or about $25 to $35 on a $10,000 payment) for core enterprise settlement flows,[14] and certain Visa Direct-enabled use cases carry higher fee economics than core settlement flows.[13] We also use AI across engineering, compliance and operations, with the aim of enabling transaction volume to grow substantially faster than operating costs.

A payment operator can also grow through partners, by being built into their products. Decaf, a payments platform, runs U.S. dollar payments in its business account product on Harbor, alongside its own local payout partners. Decaf owns the customer, the onboarding and the interface; Harbor runs underneath as a licensed payment layer; and Owlting earns fees on the payment volume that moves through it.[15] As we add new payment routes (corridors), platforms like Decaf can offer them to their customers without each customer integrating separately.

This model keeps us focused. Because our revenue follows completed payments, the numbers we watch most closely are the price and the cost of each payment. We expect pricing across the industry to become more competitive as more providers enter, and we believe the providers best placed to compete will be those that carry the licensing, local settlement and compliance work themselves.

Stablecoin payments grew substantially this year in both number and value, and the ways of measuring them continue to improve. Earning on holding and earning on moving will both continue, each with its own drivers: interest rates and distribution terms for the first, pricing and cost per payment for the second.

For a payment operator, the questions that matter are practical. How many payments were completed, for which customers, into which banking systems, and at what cost per payment? We believe the companies that can answer those questions precisely, market by market, are the ones best placed to earn lasting fees.

For Owlting, our long-term objective is public. By 2030, we are working toward approximately US$500 million in annual revenue from OwlPay and stablecoin-enabled payment services.[16] The path there runs through the same measures: completed payments, the clients sending them, and what each payment earns after its cost. These are the measures we run the business on.

[13] According to OBOOK Holdings Inc., "OBOOK Holdings Inc. Announces Financial Results for the Full Year 2025 Ended December 31, 2025," April 29, 2026, furnished on Form 6-K. Please see: https://www.sec.gov/Archives/edgar/data/0002025416/000119312526191907/owls-ex99_1.htm

[14] Full-year 2025 earnings conference call, April 30, 2026. A replay is available at https://investors.owlting.com/financials/quarterly-results. Pricing varies by client, corridor and transaction mix and is subject to change.

[15] According to Owlting Group, "Owlting Group (NASDAQ: OWLS) and Decaf Open U.S. Dollar Accounts Beyond the United States on OwlPay Harbor," October 14, 2026. Please see: https://www.globenewswire.com/news-release/2026/10/14/3380516/0/en/owlting-group-nasdaq-owls-and-decaf-open-u-s-dollar-accounts-beyond-the-united-states-on-owlpay-harbor.html

[16] The Company's long-term objective of approximately US$500 million in annual revenue from OwlPay and digital currency-enabled payment services by 2030 was most recently reiterated on the Company's first half 2026 earnings conference call held on August 21, 2026, and in the Company's letter to shareholders issued October 19, 2026. It is a long-term objective and does not constitute financial guidance or a forecast. A replay is available at https://investors.owlting.com/financials/quarterly-results

About Owlting Group

Owlting Group (NASDAQ: OWLS) is the operating brand of OBOOK Holdings Inc., a global fintech company building regulated payment infrastructure, founded in Taiwan with subsidiaries across the United States, Japan, Poland, Singapore, Hong Kong, Thailand, and Malaysia. Its OwlPay platform is a fiat-digital currency hybrid payment solution that helps businesses move money across borders in the expanding digital economy. Recognized for rapid growth and industry leadership, Owlting was ranked No. 226 on the Financial Times and Statista “High-Growth Companies Asia-Pacific 2026” list with a 42% compound annual revenue growth rate, and named among the key global players in a 2025 digital currency market report by CB Insights. For more information, visit www.owlting.com/portal/?lang=en.

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References in this article to digital assets, blockchain technologies, stablecoins, or distributed ledger technology are for informational purposes only and do not constitute an offer to sell or a solicitation of an offer to buy any digital asset, security, or financial instrument. Digital asset markets are subject to significant volatility and regulatory uncertainty, and the availability of related products and services may be subject to regulatory approvals and compliance with applicable laws and regulations.

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