$287B in annualized volume, 85+ licenses and Leapfin's revenue-rec plumbing give Airwallex the merchant back office that crypto payment stacks keep trying to bolt on after the fact. Airi's delegated payments and spend limits look like smart-account permissions shipped through fiat rails, putting Stripe/Bridge, Circle and wallet infra teams in a cost/programmability/settlement-speed knife fight. Stablecoins plugged into that stack would make cross-border treasury and working-capital management fade into the background, which is where payments margin usually gets harvested.

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