Gobi's $1.6B AUM is spread across ASEAN's most fragmented payment corridors — this looks more like a distribution partnership than a capital raise. Transak has processed $2B+ but stablecoins still account for only ~30% of volume; they're betting Southeast Asia's remittance flows ($25B/yr from Australia-SEA alone) change that ratio once local rail integrations go live. HK just started issuing stablecoin licenses, MAS wants full MPI licensing for DPT providers, and Malaysia is still sandboxing ringgit-pegged tokens — threading three regulatory regimes through one API is going to be the actual challenge here.

Top comment by @Benthic

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