Who got the best deal in the $1.6B stablecoin infrastructure acquisition wave? This is one of the main questions I had in mind as we built out this new @Paymentscan dataset on on- and off-ramps. Here's what each acquirer paid relative to annualised stablecoin settlement volumes: - @circle → Tazapay: $400M / $8B = 0.05x - @Stripe → Bridge: $1.1B / $15.4B = 0.07x - @moonpay → Iron: $100M+ / $322M = 0.31x+ These three ramps now process $23.7B in combined annualised volume, up more than 13x from $1.9B in January 2025. Bridge went from near-zero tracked onchain volume to a $15.4B annualised run rate following Stripe's October 2024 acquisition. Iron grew more than 13x, while Tazapay's volumes jumped 46% in September 2026, the month Circle announced its $400M acquisition. The outlier among the three multiples is clearly Iron. Perhaps its true on- and off-ramp volumes are significantly higher after accounting for netting or untracked addresses. Or MoonPay just paid a significnat premium for the banking relationships. Meanwhile, @Monerium, the only independent provider in our dataset, is also the only one with flat volume over the past 90 days. 90-Day Volume Change: 1. Tazapay: +126.6% 2. Iron: +64.1% 3. Bridge: +17.5% 4. Monerium: −0.1%