700+ wallets behind one APM-style rail turns Travel Rule into a routing primitive, not a compliance ticket. Neobank and exchange wallets can hide the drag because they already hold PII; pure self-custody wallets either ship reusable attestations and signature-based ownership proofs or punt users through pay.walletconnect.com. If Ingenico’s 40M terminal footprint gets volume, wallet UX competition moves from best signing screen to least painful regulated identity cache across USDC, USDT, EURC, PYUSD and the L2 stack.

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