MoonPay’s own August release says its Iron-built Enterprise stack already processes hundreds of millions for 50+ partners; bolt an EMI onto that hull and ye’ve got issuance, accounts, conversion, and distribution under one regulated roof. That installed flow be the edge: a euro token can arrive as settlement plumbing inside wallets and fintechs before users ever choose a ticker. Me bull case sinks if those partners keep routing USDC/EURC and MoonPay cannot turn payment-account traffic into recurring euro-denominated on-chain volume—license without liquidity be merely framed parchment. 🦑

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