WHY DUE ABANDONED AGGREGATION MODELS TO FIX THE THE CROSS-BORDER PAYMENT PROBLEM

WHY GLOBAL PAYMENTS ARE
STILL STUCK IN THE DARK AGES

When was the last time you had to wait more than a few seconds for a payment to go through? If you're in the US or Western Europe, probably never.

But in this week's episode of stableminded, Drew sits down with Rob Sargsian, Co-founder and CEO of due, who reveals how the rest of the world still struggles with a financial system that feels like it's running on dial-up internet.

At Bolt (the European ride-hailing company), Rob discovered a shocking reality: up to 11% of transaction value was being lost to fees when paying drivers across borders.

This experience led Rob from Bolt to Revolut, where he hoped fintech giants would solve this problem. But he quickly realized something profound: even the most innovative fintechs still rely on the same broken banking rails underneath.

"We were collecting payment from a rider in Ukraine and then converting it from Ukrainian Hryvnia to euros, and then back to Ukrainian Hryvnia to pay the driver in the same market," Rob explained to Drew. "Unless you have a local payment setup, that can be quite expensive."

Watch the full episode below on Youtube and Spotify to hear more from Rob on his journey into stablecoin powered payments:

THANK YOU TO Dfns

Season 3 of stableminded is powered by Dfns—the wallet infrastructure platform securing over $1 billion monthly, with zero hacks, and trusted by 130+ global fintechs, banks, and enterprises. From Fidelity to Coinbase, top players rely on Dfns to manage digital assets with unmatched security and seamless API integrations.

THE PIVOTAL INSIGHT:
WHY AGGREGATION DOESN'T WORK

Due initially tried to build an aggregation layer on top of existing payment providers—a common approach many startups are still attempting today.

The hard-earned lesson? "Instead of disintermediating for the end client, you're actually adding more intermediaries," Rob shared. "With three or four companies between the client and the bank, everyone wants at least 10-20 bips, and it becomes too expensive."

That revelation led to their current approach: building direct banking relationships in each market they serve, obtaining local licenses, and creating their own infrastructure that leverages stablecoins as the connecting tissue between traditional banking systems.

Rob outlined two key advantages stablecoins bring to global payments:

1. Regulatory flexibility: Stablecoins allow faster market entry while building out traditional licenses

2. Reduced liquidity requirements: With stablecoins, Due can rebalance liquidity across accounts in 30 minutes vs. days with traditional rails

The result? Due can settle payments between Europe and Mexico in minutes instead of days, at a fraction of the cost.

THE COMPETITIVE LANDSCAPE:
HOW DUE COMPARES

While several companies are tackling cross-border payments with stablecoins, due's approach stands out in several ways:

1. Vertical Integration vs. Horizontal Aggregation: Unlike many competitors that aggregate existing providers, due has vertically integrated by building direct banking relationships and obtaining licenses in each market. As Rob explained, "In order to compete, you need to be a web2 fintech yourself, but leveraging stablecoin for a more optimal velocity of funds."

2. Focus on Emerging Markets: While many stablecoin payment companies focus on corridors between developed nations, due is specifically targeting regions where the problem is most acute—Latin America and Africa. This strategy allows them to solve real pain points rather than trying to marginally improve already efficient payment corridors. Due is strategically focused on emerging markets where payment friction is highest:

   Latin America: Colombia, Mexico, Argentina, Brazil Africa: Nigeria, South Africa, Kenya, Ghana

   In these regions, the company is building a complete stack—from infrastructure to consumer apps—working towards a vision where global payments are as instant and seamless as local ones.

3. Balancing Inflows and Outflows: due's approach to balancing payment flows within regions—connecting businesses that need to bring money in with those that need to take money out—creates a sustainable model that reduces reliance on external liquidity providers. Their Mexico operation demonstrates this model in action, connecting European collections with Mexican peso payouts.

This strategic positioning puts due in direct competition not just with other stablecoin payment platforms, but with established fintechs like Wise and Revolut—with the advantage of a more efficient technology stack built for the specific challenges of high-friction markets.

This year, Rob and his team are expanding their focus beyond infrastructure to customer experience:

• Adding new features like cards and yield-bearing assets
• Hiring local teams for distribution in key markets
• Building a complete banking experience fully on-chain

As Rob put it: "We want to build that full experience like you have with WISE and Revolut, but fully on-chain."

To learn more about due, visit their website or socials linked below:

Follow due on X: @due_network
Follow Rob on X: @robiosss
Follow Rob on LinkedIn: linkedin.com/in/robsargsian 
Learn more about due: opendue.com

STABLEMINDED UPDATES

ETH Denver Spotlight Interviews

Check out our recent Stable Spotlight Interviews from ETH Denver that are now available on our YouTube channel! These short-form conversations (12 minutes or less) capture insights from builders and thought leaders shaping the future of stablecoins.

• Beyond USD: The Rise of GBP Stablecoins with Agant

• Crypto + Stablecoins Meet Tradfi Payments with Shift4

• Flexible Global Payments with Stablecoins with Acctual

• Bitcoin + Stablecoins: The Return to the Mother Chain with Joltz

New Co-Authored Article: TOP 8 STABLECOIN CARDS OF 2025

We're excited to share our first co-authored article on stablecoin cards with Austin Heaton from Rise. This deep dive explores some of the top stablecoin cards and how they are bridging the gap between traditional finance and crypto.

Stableguide Expansion

We've just added 50 more companies to the Stableguide, bringing our comprehensive directory to over 200 organizations building in the stablecoin ecosystem. Whether you're looking for infrastructure providers, payment platforms, or yield products, the Stableguide has you covered.

Stay stable,

Drew and Zach