CFX

CFX is a Chicago-based financial technology company building digital dollar infrastructure for real-time global payments. Founded as CFX Labs, the company operates at the intersection of regulated U.S. banking and blockchain payment rails, with Solana as its primary settlement layer. CFX's stated mission is to give non-U.S. businesses—digital banks, fintechs, and Web3 platforms—access to U.S. dollar infrastructure that traditional commercial banking has historically excluded them from.

The Problem

Cross-border payments remain slow and expensive for most of the world. Moving dollars internationally through correspondent banking involves multiple intermediaries, multi-day settlement windows, and significant fees. For businesses in remittance corridors such as the U.S.-Mexico, U.S.-India, or U.S.-Nigeria routes, the cost and latency create friction that excludes large segments of the global population from efficient dollar access. CFX targets this gap by combining regulated U.S. banking relationships with Solana's sub-second finality and low transaction costs.

MoveUSD: The Core Product

CFX's primary product is MoveUSD, a dollar-referenced stablecoin issued as an SPL token on Solana (token address: 3AdhVEX6k85yNivHVXDEiY3WyP2WgFQTUZCahGaeC2qm). MoveUSD is backed 1:1 by U.S. dollar deposits held at Metropolitan Capital Bank and Trust, an FDIC-member institution. When users deposit USD into the partner bank, CFX mints an equivalent amount of MoveUSD; redemptions trigger a burn and a corresponding bank transfer.

The token is designed to comply with the GENIUS Act, the U.S. federal stablecoin legislation that establishes requirements for reserve composition, redemption rights, and issuer licensing. CFX has publicly stated that MoveUSD meets GENIUS Act standards: 1:1 reserve backing against permissible assets, FDIC-insured custodians, and issuance by a licensed U.S. entity (NMLS license 2383683; MSB registration 31000284640857).

Multichain Expansion via Wormhole NTT

In 2025, CFX expanded MoveUSD to Ethereum and Base using Wormhole's Native Token Transfers (NTT) framework. NTT uses a burn-and-mint mechanism rather than token bridging or wrapping: when MoveUSD moves from Solana to Base, the Solana tokens are burned and native tokens are minted on Base, with no synthetic or wrapped intermediaries. This approach eliminates liquidity fragmentation and lets CFX maintain full control over the token contracts and compliance logic on every supported network.

The multichain architecture means MoveUSD can settle on whichever network a counterparty or partner requires, while Solana continues to serve as the primary issuance and high-velocity settlement chain due to its speed and low fees.

Smart Wallet and Cash Access Infrastructure

CFX operates an embedded wallet product called MoveMoney that businesses can integrate without writing custom wallet code. The wallet is described as no-code and customizable, designed for fintechs and neobanks that want to offer dollar wallets to their customers without maintaining a direct banking relationship.

A distinctive feature of the CFX network is its cash on-ramp coverage. Users can deposit physical cash at more than 80,000 U.S. retail locations, including Walmart, CVS, Walgreens, and 7-Eleven. Upon deposit, the equivalent amount of MoveUSD is credited to the user's wallet. This addresses a key barrier for the unbanked and underbanked population in the U.S., who may not have debit cards or bank accounts to fund digital wallets through conventional ACH or wire transfer.

On the payout side, CFX supports real-time disbursements in over 220 markets through integrations with more than 200 local payment networks, enabling conversion from MoveUSD to local fiat currency at the receiving end. A partner named Balam is cited as delivering remittances 80% cheaper and 10 times faster across 18 countries using CFX infrastructure.

Liquid Treasury and Yield

CFX offers a Liquid Treasury product that enables businesses holding dollar balances to earn yield on USD holdings through exposure to U.S. Treasury Bills and private credit programs. The product also supports instant conversion between MoveUSD and other major stablecoins including USDC and USDT, allowing businesses to move between dollar-denominated instruments without leaving the CFX ecosystem.

Funding and Growth

In November 2023, CFX Labs raised a $9.5 million seed round to expand its Solana-based payment network. The company has offices in Chicago, Mexico City, and Sao Paulo, reflecting its focus on the U.S.-Latin America payment corridor. The CEO and co-founder is Nick Cavet.

Solana Ecosystem Fit

CFX is a native Solana application in the financial infrastructure layer. It uses Solana as the primary ledger for MoveUSD issuance and settlement, taking advantage of Solana's throughput and low per-transaction cost to make micropayments and remittances economically viable. The integration of Wormhole NTT means Solana remains the hub network even as MoveUSD circulates on Ethereum and Base, reinforcing Solana's role as the backbone of the operation. For Solana-native applications and protocols that need a U.S.-regulated, yield-bearing dollar token, MoveUSD represents a compliant option that sits within the Solana SPL token standard.

CFX is currently available for business customers in 23 U.S. states. International payouts cover 220 or more markets. The company operates under U.S. AML/KYC compliance requirements and maintains AML/KYC policies for all onboarded users.