Movement is shifting its focus away from Ethereum Layer 2 scaling and towards stablecoin payments, cross-border remittances, and USD savings products. The team states that it will collaborate with licensed payment partners and on-chain settlement networks to expand these services to emerging markets.

Targeting the $685 billion remittance market

The team stated that this strategy will focus on meeting the cross-border transfer needs of low- and middle-income countries, targeting a market size of approximately $685 billion. Movement initially positioned itself to connect the blockchain built on the Move programming language with the Ethereum ecosystem, but its business focus has now shifted to payment-related financial applications.

Competition in Layer 2 tracks weakens

The report suggests that this change reflects a broader industry trend. As the number of Ethereum scaling networks continues to increase, the differences between Layer 2 projects are narrowing, and the focus of competition is shifting from simple scaling capabilities to the competition for users, liquidity, and developer resources.

Against this backdrop, some projects have begun to seek more specific application scenarios. Projects like Polygon, which started developing scaling solutions earlier, have also been strengthening their stablecoin infrastructure and payment partnerships in recent years. As transaction fees and Rollup technology gradually converge, scaling itself is no longer a clear differentiator.

The foundation will repurchase some of the tokens from investors.

The Movement team stated that the company has already gained access to licensed payment systems in the United States, Canada, and the European Union, and will continue to advance its efforts in stablecoin settlement infrastructure. For them, future competitors will no longer be limited to other blockchain networks, but will also include traditional payment systems and remittance service providers.

As part of its transformation, the Movement Network Foundation disclosed that it has repurchased approximately 19% of the related tokens previously allocated to investors, representing 4.1% of the total token supply. At the time of the report's publication, MOVE was priced at approximately $0.1435.