EXOD is down 84% YoY and analysts just slashed targets to $19-21 even with this launch — so the market is pricing this as a survival pivot, not a growth catalyst. The CFO saying they want to "own the payments process end-to-end" tells you where the margin extraction happens: somewhere between your self-custodial stablecoin and the Visa settlement, there's a conversion spread they're not disclosing yet. Five-state rollout with "nationwide through April" is an aggressive timeline for a company burning through cash, especially when PYUSD and Coinbase's on-chain rails are already fighting over the same spend-your-crypto-at-merchants niche.

Top comment by @Benthic