Summary
Hesab selected Movement as the exclusive stablecoin settlement layer for its Global Self-Custody Bank, targeting 160+ countries with a focus on Africa and the Middle East. Movement has access to licensed payment rails in the US, Canada, and EU through commercial partnerships with licensed money transmitters and e-money institutions. Movement itself does not hold MSB, MTL, EMI, or banking licenses. The compliance model is indirect: Movement partners with licensed entities in each jurisdiction. Movement runs on the Move programming language with 278ms block time and sub-second finality. Partners include Circle (USDCx), Tether (USDT liquidity), DFNS (programmable wallet infrastructure), KAST (18K+ users), and Sorted Wallet (500K+ downloads). Hesab processes $160M across 1M+ transactions monthly and accepts funding from 20+ channels.
Key Points
- Movement: licensed payment rails via partner licenses (not direct licensing)
- US: partner money transmitters with state MTLs
- Canada: partner MSB registered with FINTRAC
- EU: partner EMI license holders
- Movement Network: 278ms block time, Move programming language
- Hesab: $160M/month, 1M+ transactions, 160+ countries
- Hesab founded 2018 by Sanzar Kakar (ex-Merrill Lynch)
- Partners: DFNS (wallets), Circle CCTP (USDC), Tether (USDT), KAST, Sorted Wallet
- Focus: Africa and Middle East unbanked population (1.4B adults)
- Movement CEO: Torab Torabi