BenFen is positioned as the Web3 version of the Swift system, focusing on stablecoin use cases and reshaping the future of cross-border payments through its self-developed high-performance public blockchain.

BenFen is a stablecoin-based ecosystem consisting of the high-performance underlying blockchain BenFen Chain (infrastructure), the native stablecoin BUSD, BenPay, BenPay DEX, merchant services, and more. As countries around the world introduce stablecoin regulatory policies, we believe the external environment for stablecoin-based cross-border payments and other use cases is gradually maturing, potentially replacing parts of the traditional payment system. BenFen is positioned as the Web3 version of the Swift system, focusing on stablecoin use cases and reshaping the future of cross-border payments through its self-developed high-performance public blockchain.

TLDR

Traditional cross-border payment systems based on interbank communication networks suffer from long settlement times and high costs. Blockchain-based payment systems can solve this problem.

BenFen Chain is the world's first stablecoin payment public blockchain, positioned as the Web3 version of the Swift system, designed specifically for stablecoin payment scenarios.

High security, high throughput, and low gas fees: BenFen Chain uses the Move programming language and a DAG-based enhanced consensus mechanism, achieving tens of thousands of transactions per second, latency below 0.5 seconds, and gas fees below 0.1 cents, placing it at the forefront of all public blockchains.

Innovative stablecoin issuance and stabilization mechanisms: BenFen permanently allocates 50% of its governance token BFC to the treasury to issue the native stablecoin BUSD, while designing elastic money supply and exchange rate regression mechanisms to ensure price stability.

BenPay: A super app integrating deposits/withdrawals, exchanges, staking/lending, offline consumption, and on-chain red packet transfers. Unlike Ethereum and Solana, which prioritize governance tokens ETH and SOL, BenFen prioritizes BUSD as the first-class citizen within the ecosystem, usedß for gas fee payments and on-chain staking.

Seamless user experience: Supports zkLogin, allowing users to log in directly via Google/Apple accounts without the need for cumbersome seed phrases.

High-value governance token BFC: The governance token BFC essentially captures the value of the entire BenFen ecosystem, including BenFen Chain, multiple stablecoins (BUSD, BINR, BJPY, BEUR, etc.), BenPay DEX, BenPay, BenPay Card, and merchant services. From a valuation perspective, the value of BFC should be the sum of the values of all these projects.

Compared to other stablecoin solutions (infrastructure + stablecoin mechanisms), BenFen's solution of a high-performance underlying blockchain + native stablecoin BUSD leads in security, throughput, latency, gas fees, and user onboarding experience.

BenFen is a high-potential project in a sunrise industry, with strong competitiveness, high customer stickiness, a long track, and vast space. BenFen Chain boasts strong performance, low latency, low gas fees, valuation supported by revenue, and excellent user experience. It has already built stablecoins, payments, cards, P2P, and merchant services, with a gradually thriving ecosystem, making it a high-value investment.

Introduction to BenFen

Using stablecoins to address the chronic issues in cross-border payments: high costs and long settlement cycles

According to data from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), traditional cross-border payments take 2 to 3 business days and incur fees of 5% to 10% of the total amount. This model is costly, inefficient, and severely hinders global finance and trade development.

Additionally, since traditional cross-border payments rely on banking networks, and banks in some impoverished regions do not operate due to lack of profitability, approximately 2 billion people worldwide remain unbanked, depriving them of their rightful financial access.

Blockchain and stablecoin-based payment solutions can address these issues. Such solutions typically consist of underlying infrastructure (public blockchain) and stablecoins issued on-chain. The underlying blockchain is akin to the SWIFT system, while stablecoins are akin to the US dollar in SWIFT. The combination of blockchain and stablecoins enables instant settlement (less than 1 second or a few seconds) and fees at the cent level, while also eliminating the need for bank accounts, allowing for 24/7 global coverage.

Comparison between traditional cross-border transfer and stablecoin payment
	Traditional cross-border transfers (SWIFT, etc.)	Blockchain & Stablecoin Payment (Blockchain and Bus, etc.)
Settlement speed	2~ 3 days	Instant (less than 1 second or a few seconds)
Billing model	Billed by Total Payment Amount	Billing based on the number of payments
Cost	5% to 10% of the total payment amount	Each transaction is less than 1 cent
Cost (in US $100,000)	5000~ 10000 US dollars	Less than 1 cent (based on 1 payment)
Conditions	Need a bank account	No bank account required
Coverage area	Bank network coverage area	Global coverage

BenFen Chain: The Web3 version of the SWIFT system, a public blockchain designed for stablecoin payment scenarios

Building a cross-border payment system first requires secure, high-performance, and low-cost infrastructure, i.e., an underlying public blockchain. Existing public blockchains suffer from issues such as low security, high fees, or weak performance. For example, Ethereum, Arbitrum, and Base Chain use Solidity for application development, which is less secure than Move. Ethereum also suffers from over 10 seconds of latency and gas fees exceeding $20.

To thoroughly address these issues, BenFen chose to develop a Move-based underlying public blockchain from scratch and build applications on top of it. BenFen assembled a team of nearly 100 people and, after over two years of relentless development, achieved a transaction throughput of tens of thousands per second and latency below 0.5 seconds. It also developed the native stablecoin BUSD, BenPay, BenPay DEX, and BenFen Oracle. BenFen Chain, as the Web3 version of the SWIFT system, drives the development of cross-border payments and is designed specifically for stablecoin payment scenarios!

Using Move programming language for higher security

Move was initially used in Facebook's Diem project. In terms of code, due to its strict type system, many common errors can be caught during compilation. Additionally, its unique Resource concept ensures that resources can only be used for their intended purposes, preventing reentrancy attacks and resource leaks. It also allows setting different control permissions for different groups, preventing unauthorized access.

Move promotes immutable data structures and functional programming paradigms, reducing code complexity. It also provides formal verification tools for static analysis and verification, identifying and fixing potential security issues.

Move also defines a language called Move Specification Language (MSL), which ensures programs run correctly, reduces on-chain computation overhead, and enhances security. When a program is described by MSL and its specifications are defined, the Move to Boogie compiler converts the program into Boogie, an intermediate verification language with formal semantics. Finally, an automated theorem prover verifies whether the program complies with the specifications.

Move's modular design, advanced abstraction capabilities, custom data structures, flexible permission control, and cross-platform compatibility make BenFen Chain flexible enough to meet the development needs of various applications. BenFen also provides a standard library with over 40 commonly used functional modules, including accounts, transfers, and transactions.

Improved consensus mechanism and multiple fee optimizations for higher performance & lower gas fees

To achieve higher performance and lower gas fees, BenFen Chain combines DAG-based consensus with consensus-free mechanisms. When users create and sign transactions using their private keys, the transactions are sent to each validator. The validators then perform a series of validity checks and return the signed transactions to the client, which collects responses from the majority of validators to form a transaction certificate.

For transactions involving user-owned objects, the transaction certificate can be processed directly without waiting for the consensus engine. All certificates are processed using the DAG consensus protocol, executed by BenFen Chain's validators. Each consensus commit forms a checkpoint, ensuring the network's long-term stability. Through these optimizations, BenFen Chain achieves transaction latency below 0.5 seconds and tens of thousands of transactions per second.

In terms of gas fees, Move itself significantly reduces costs, and the object-based storage type and consensus mechanism further lower gas fees. Generally, gas fees consist of computation and storage costs. BenFen Chain's storage mechanism provides storage fee refunds when previously stored objects are deleted. In addition to supporting BFC for gas fee payments, BenFen Chain also supports BUSD and BJPY. Through these optimizations, BenFen Chain's gas fees are below 1 cent.

No seed phrases: Supports zkLogin, allowing users to log in via Google/Apple accounts

Traditional Web3 onboarding often requires users to record seed phrases, a cumbersome process that hinders adoption. BenFen Chain supports zkLogin, allowing users to log in with one click via Google/Apple accounts, eliminating the need for seed phrases and significantly lowering the barrier for Web2 users.

zkLogin allows users to generate BenFen addresses using third-party OAuth logins, with OAuth providers unable to access users' temporary private keys.

Native stablecoin supporting gas fee payments and on-chain staking

BenFen will launch multiple stablecoins, with BUSD issued by staking 50% of BFC in the treasury. BenPay DEX enables elastic supply and ensures relative exchange rate stability through dynamic liquidity mechanisms.

When minting BUSD, BenPay DEX will reclaim BFC; when burning BUSD, BenPay DEX will release BFC. During this process, BFC's price will inevitably fluctuate. When the price drops, the system adjusts the depth downward; when the price rises, the system adjusts the depth downward. From the user's perspective, users pay BFC to obtain stablecoins; when users redeem BFC, the system burns stablecoins.

In terms of depth adjustment, if BUSD trading volume increases, the system automatically increases liquidity to reduce trading friction. Conversely, if trading volume decreases, the system reduces liquidity.

By dynamically managing BenFen's liquidity, the stablecoin protocol can guide price trends to some extent. For example, when prices rise, the system can provide more liquidity to suppress the increase. Conversely, when prices fall, the system reduces liquidity to prevent excessive declines.

For other stablecoins, BenFen issues stablecoins for other currencies based on its native exchange rate oracle. For example, users can mint or cross-chain exchange BJPY using BFC, then mint BJPY at the oracle's price. When users no longer need BJPY, they can redeem BUSD at the current oracle price, reducing BJPY liquidity in the market.

BenPay: A super app integrating deposits/withdrawals, exchanges, staking/lending, offline consumption, and red packet transfers

BenPay is the core application of the BenFen ecosystem, with payments as its central use case. To facilitate user adoption, BenFen has developed a one-stop service. Users can use BenPay P2P for deposits/withdrawals, BenPay DEX for token exchanges, and BenPay Card for consumption and payments. BenPay DEX uses oracles to obtain prices, enabling spot and perpetual contract trading. For merchants, BenPay has developed the encrypted payment channel BenPay Merchant to facilitate, refunds, and more.

During bull markets, many users prefer not to sell their BTC but still need liquidity. In such cases, users can use BenPay's staking/lending feature to stake BTC and borrow USDT. Users can obtain bBTC on BenFen Chain, stake it, borrow BUSD, and then convert BUSD to USDT via BenFen Bridge and transfer it to their EVM chain address.

BenPay also features a user-to-user transfer function, similar to WeChat's transfer and red packet features. Users can choose between regular red packets and luck-based red packets when sending them. Users sending red packets can set a password and pay gas fees to send red packets to other users.

High-value governance token BFC, fully capturing the value of the entire ecosystem

From a valuation perspective, the value of a chain is the discounted sum of future gas fees, the value of a DEX is the discounted sum of future trading fees, and the same applies to stablecoins, payments, and other projects.

Unlike governance tokens of other chains that only capture the value of the chain, BenFen's governance token BFC captures the value of the entire BenFen ecosystem, including the chain, stablecoins (BUSD, BINR, BJPY, BEUR, etc.), BenPay DEX, BenPay, BenPay Card, and merchant services. Therefore, the value of BFC is the sum of the values of all these projects.

Moreover, on a single chain, there are often multiple projects with the same function, such as DEXs. Besides Uniswap, there are Balancer, Sushi, and others, leading to significant value leakage due to competition. Given the maturity of existing models, such as CLMM-based DEXs, BenFen typically develops only one product per function within its ecosystem, avoiding internal competition and achieving higher value capture efficiency.

Governance token value capture comparison
	BenFen	Ethereum	Solana	Uniswap
Governance token	BFC	ETH	SOL	UNI
Property	Diversity (the entire ecosystem)	Single	Single	Single
Captured range	BenFen Chain + DEX + Stablecoin + Pay + Card and other income	Gas fees on the Ethereum chain	Solana Chain Gas Charges	Transaction fees for Uniswap chain
Quantity of items with the same function	One, there is no competition Value concentration	Multiple, competing with each other Value dispersion	Multiple, competing with each other Value dispersion	/

Diverse ecosystem: From deposits/withdrawals, asset onboarding, exchanges to offline consumption and payments

BenFen boasts a diverse ecosystem, including:

BenPay DEX: A Swap application within the BenFen ecosystem, enabling trading of multiple tokens.

BenFen Bridge: A decentralized cross-chain bridge serving as a medium for users to onboard assets into the BenFen system.

BenPay Card: Users can use BenPay Card for offline consumption, paying with cryptocurrencies. Users can top up BUSD and spend offline. BenPay Card also supports other cryptocurrencies and multi-currency fiat payments.

BenPay Merchant: An encrypted payment channel offering additional features, such as purchasing BUSD with fiat, instant user-to-user transfers, merchant收款 solutions, and refunds.

BenFen KYC: An on-chain identity verification and authentication system aggregating KYC results from major providers, enabling one-click multi-platform KYC queries and peer-to-peer identity verification.

BenFen P2P: A guaranteed trading platform addressing the lack of deposit/withdrawal channels for users.

Token utility and distribution

BenFen plans to issue 1 billion tokens (BFC), with the following distribution:

5% (50 million BFC) for staking rewards.

5% (50 million BFC) for community incentives and the BenFen Foundation, supporting and rewarding community contributors and the foundation's operations and development.

37.84% (378 million BFC) for node rewards, generated through node mining.

2.16% (21.59 million BFC) allocated to the development team to encourage and support core developers and the team's contributions to the project's ongoing development.

50% (500 million BFC) for the stablecoin treasury, maintaining the price stability and liquidity of BenFen's stablecoins.

Investment logic and business analysis Scale and potential: Stablecoin transfer volume could reach $38 trillion/year by 2030

Historically, according to Artemis data, in December 2024, stablecoin monthly settlement volume reached 5.1trillion(equivalenttoadailytradingvolumeofapproximately5.1trillion(equivalenttoadailytradingvolumeofapproximately170 billion), a more than 3x increase from 1.2trillioninDecember2023.InDecember2021,monthlysettlementvolumewasonly1.2trillioninDecember2023.InDecember2021,monthlysettlementvolumewasonly218.2 billion, a 22x increase over three years.

Additionally, referencing VanEck's 2025 forecast, global stablecoin daily settlement volume is expected to reach an astonishing $300 billion, with major increments coming from adoption by tech giants and payment networks (Visa, Mastercard, etc.). The cross-border remittance market will also explode, with stablecoin transfers between the US and Mexico potentially growing 5x.

From a longer-term perspective, according to statistics from the International Fund for Agricultural Development, FXC Intelligence, and Statista, in 2023, cross-border commercial transactions, international retail, and global remittances involved 45trillionincapitalflows.By2030,thisfigurecouldriseto45trillionincapitalflows.By2030,thisfigurecouldriseto76 trillion. Given stablecoins' instant settlement, low fees, 24/7 service, and transparency, they will partially replace existing payment methods. Assuming stablecoins account for 10%, 20%, 30%, or 50% of total payments by 2030, stablecoin transfer volume could reach $38 trillion by 2030.

Calculation of the total amount of stablecoin cross-border transfers in 2030 *Cross-border transfer refers to cross-border commercial transactions International commercial retail, global remittance and other scenarios
Traditional payments in 2030 Transfer size	Total amount of stablecoin transfers (10% of the total)	Total amount of stablecoin transfers (20% of the total)	Total amount of stablecoin transfers (30% of the total)	Total amount of stablecoin transfers (50% of the total)
76 trillion dollars	7.60 trillion dollars	15.20 trillion dollars	22.80 trillion dollars	38 trillion dollars

Competitive Landscape: USDT and USDC Dominate, with Solana, Base, and Ethereum Leading the Infrastructure

Stablecoin Issuance Volume

According to DeFiLlama data as of January 2025, USDT ranks first with an issuance volume of $137.8 billion, accounting for 66.7% of the market share. USDC ranks second with an issuance volume of $45.8 billion, holding 22.16% market share. USDe ranks third with $5.81 billion in issuance, capturing 2.81%, while DAI ranks fourth with $4.48 billion, representing 2.17% of the market.

Stablecoin Market Share by Issuance Volume (Source: DeFiLlama)

Stablecoin Settlement Volume

According to Artemis data from December 2024:

USDC ranks first in monthly settlement volume, reaching $3.6 trillion, accounting for 71.6% of the market.

USDT ranks second with $1.3 trillion in monthly settlements, making up 24.8%.

DAI ranks third with $87.6 billion, holding 1.7% market share.

Stablecoin Market Share by Settlement Volume (Source: Artemis)

Blockchain Infrastructure Rankings

Per Artemis data from December 2024, the top three blockchains in stablecoin settlements are:

Solana – $2.3 trillion in monthly settlement volume (45.1% market share).

Base – $895.4 billion (17.62% market share).

Ethereum – $846.9 billion (16.67% market share).

Stablecoin Infrastructure Market Share (Source: Artemis)

Comparison with Competitors

Since stablecoin adoption is closely tied to its underlying blockchain infrastructure, we compare BenFen Chain + BUSD with leading competitors, namely:

Solana + USDC

Base + USDC

Ethereum + USDT

Tron + USDT

Infrastructure Analysis

Security

BenFen Chain adopts Move as its smart contract language, which is more secure than Ethereum’s Solidity and Solana’s Rust due to strict type systems and resource-oriented programming.

Transaction Throughput (TPS)

BenFen Chain supports tens of thousands of TPS, surpassing its competitors. Higher TPS enables larger transaction volumes, benefiting payments and remittances.

Latency

BenFen Chain boasts a 0.5s transaction latency, ranking among the fastest in the industry. Lower latency improves user payment experience by reducing waiting times.

Finality

BenFen Chain’s single-chain structure allows Finality to match its latency, offering a competitive edge.

Base (L2) must settle on Ethereum, requiring over 15 minutes for finality.

Ethereum’s finality takes 12–15 minutes, reducing reliability.

Gas Fees

BenFen Chain features ultra-low gas fees, making it ideal for real-world payments.

BenFen Chain: < $0.001 per transaction

Ethereum: ~$5 per transaction

Stablecoin Mechanism

Unlike fully USD-backed stablecoins, BUSD on BenFen Chain supports:

1:1 USDC collateralization

BFC collateralization for BUSD minting

BUSD’s stability mechanisms include:

Dynamic Liquidity Management

Price Guidance Mechanism

Depth Adjustment Mechanism

Arbitrage Incentives

User Adoption

Issuance Volume

Since BenFen Chain is new, BUSD’s total issuance is $1.83 million. In contrast:

USDT on Ethereum: $67.1 billion (Rank 1)

USDT on Tron: $59.8 billion (Rank 2)

USDC on Solana: $4.07 billion (Rank 3)

USDC on Base: $3.46 billion (Rank 4)

Settlement Volume

BenFen’s BUSD has negligible settlement volume due to its recent launch.

Base + USDC: $28.9 billion daily (Rank 1)

Solana + USDC: $24.7 billion daily (Rank 2)

Tron + USDT: $24.6 billion daily (Rank 3)

Ethereum + USDT: $10.4 billion daily (Rank 4)

Competitor Breakdown

Solana + USDC

Daily Settlement Volume: $24.7 billion

Key Strengths:

High TPS & low gas fees enable seamless stablecoin transactions.

Circle’s transparency & BlackRock’s reserve management enhance user confidence.

CCTP cross-chain protocol improves liquidity.

Weakness: Uses Rust, which has lower security than Move.

Base + USDC

Daily Settlement Volume: $28.9 billion

Key Strengths:

Backed by Coinbase, ensuring strong regulatory compliance.

High TPS & low fees optimize transaction efficiency.

Weaknesses:

Security risk due to Solidity-based development.

Finality exceeds 10 minutes since transactions must settle on Ethereum.

Ethereum + USDT

Total Issuance: $67.2 billion

Daily Settlement Volume: $10.4 billion (only 15.4% of total issuance).

Key Weaknesses:

High gas fees (~$5 per transaction)

Low throughput & long finality times

Tron + USDT

Total Issuance: $59.7 billion

Daily Settlement Volume: $24.6 billion (41% of total issuance).

Key Strengths:

Low fees make it the top choice for transfers.

Sun Yuchen’s gasless transaction initiative enhances adoption.

BenFen Chain + BUSD: Competitive Advantages

Specialized Stablecoin Applications

PayFi, Card payments, Gas fee payments, P2P transfers.

Competitors focus on broader ecosystems (DeFi, GameFi, Social, AI, etc.).

Super App – BenPay

Supports on/off-ramp, swaps, staking, lending, offline payments, and P2P transfers.

Security via Move Language

Safer than Solidity & Rust, ideal for high-value stablecoin applications.

Optimized Consensus & Low Fees

TPS: Tens of thousands

Latency: 0.5s

Gas Fee: < $0.001

High-Value Governance Token (BFC)

Captures value from BenFen Chain, BenPay DEX, BenPay Card, and merchant services.

Seamless Web3 Login (zk-Login)

No seed phrases required—users can log in via Google/Apple accounts.

Market Trends & Growth Drivers

Blockchain & Stablecoin Adoption vs. Traditional Finance

Stablecoins offer faster, cheaper, and more efficient cross-border payments than SWIFT.

Regulatory Support

Pro-crypto policies in the U.S. (Trump administration), Europe (MiCA), Hong Kong, Japan, Singapore, and the UK will drive stablecoin growth.

Risks & Challenges

Validator Centralization Risk

Only 18 active validators, though Voting Power is well-distributed (2%–10%).

Smart Contract Security Risks

Move reduces vulnerabilities, but complex contracts may introduce risks.

Investment Rationale

Stablecoin use cases (cross-border payments, P2P, offline payments) have massive demand.

Regulatory clarity (MiCA, U.S. pro-crypto policies) supports stablecoin adoption.

BenFen’s high-performance blockchain and integrated stablecoin solution meet core market needs.

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