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PROGRAMMABLEMONEY

Six pieces of programmable money pulled apart layer by layer, and The Full Stack in the middle showing how they connect. Pick a world to open it.

ANATOMY OF ASTABLECOIN CARD

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Stablecoin card issuer · Anatomy of a Stablecoin Card

Monavate

A UK e-money issuer and card processor that is a principal member of Visa, Mastercard and Discover. It issues on its own BINs and sponsors programs for other companies.

Company
Monavate, owned by Exodus
Network
Visa, Mastercard, Discover principal
Card volume
$9.0M in 30 days, 2 programs tracked
Founded
2020
Licensed as
Monavate Ltd is an FCA authorized e-money institution. The Lithuanian EMI UAB Monavate left the Monavate group in a restructuring in Oct 2025 and was not part of the Exodus deal. Exodus took control in May 2026 through UK receivers after the former parent did not repay its loans.
BINs and regions
Own BINs in the UK. In the EEA, cards such as Kraken's are issued by UAB Monavate, now a separate company. A Mastercard program in Canada with MetaMask. Settles in GBP, EUR, USD, CHF and CAD.
Card types
Debit and prepaid cards, physical and virtual, plus BIN sponsorship, program management and its own processing.
How programs fund it
Programs prefund in money or stablecoins. Self custody programs spend from the wallet at purchase, as with MetaMask in Canada and Gnosis Pay.
Pays the network
Settles with the networks in five currencies and offers stablecoin settlement in USDC and EURC.
Card volume
$304.1M all time and $9.0M in the last 30 days for the two programs PaymentScan tracks, Gnosis Pay and MetaMask (PaymentScan, Nov 3, 2026). Monavate says 6.3M+ cards issued; Exodus reported about 1.1M active cards in Q2 2026.
Programs it powers
OKX Card in the EU, Krak Card in the UK and EEA, Gnosis Pay, MetaMask in Canada and others.
Pros
Principal on three networks; BIN sponsorship, processing and program management under one roof; five fiat currencies plus USDC and EURC.
Cons
In Dec 2025 the Bank of Lithuania barred UAB Monavate from serving six partner firms; Exodus said Monavate could not issue cards for new business clients in Europe until a new arrangement, expected in Q4 2026; ownership changed in 2026.
Rules
UK cards answer to the FCA, and EEA cards on UAB Monavate answer to the Bank of Lithuania, so a regulator in either country can stop programs on those BINs.

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Public information as of September 2026, simplified. Not legal or investment advice. Open the full stablecoin cards world.

Sources291Created by Andres Lamothe