Madhouse Wallet

What Is Madhouse Wallet?

Madhouse Wallet is a business-to-business stablecoin off-ramp infrastructure provider. Its core product is a single API that lets wallets, exchanges, and fintech companies offer fiat cash-out to their end users without building or maintaining their own payout network. A partner integrates once; their users can then send USDC and receive local currency in 85 different denominations across Africa, Asia, Europe, Latin America, the Middle East, and Oceania.

The project was founded in 2024 and is operated by The Walker Ledger Ltd, a Kenya-registered entity. Its positioning is explicitly infrastructure-first: Madhouse does not offer a consumer wallet in the traditional sense but instead provides the rails that other wallets plug into.

The Problem It Solves

Cross-border stablecoin-to-fiat conversion is a fragmented, compliance-heavy problem. A wallet product serving users in sub-Saharan Africa, South Asia, and Europe simultaneously would need separate banking relationships, local licensing, multiple payout integrations (M-Pesa, UPI, SEPA, ACH, SWIFT), and ongoing compliance coverage in each jurisdiction. Building that from scratch is prohibitively expensive for most teams.

Madhouse Wallet bundles those relationships and rails into a single programmatic interface. A wallet team can ship off-ramp functionality to their users across dozens of markets by adding one API dependency, rather than spending months or years negotiating direct banking partnerships in each geography.

How It Works

The off-ramp flow follows five sequential steps:

1. Recipient creation: the partner specifies the destination account with currency-specific validation (IBAN format for SEPA, mobile number for M-Pesa, VPA for UPI, and so on).
2. Quote: the API returns a rate locked at mid-market price for five minutes. Madhouse charges a 0.3% transaction fee and a 0.5% platform fee on top of the FX spread.
3. Transfer submission: the partner submits the transfer, generating a unique deposit address on the requested blockchain.
4. USDC deposit: the partner or their user sends USDC to that address from a supported chain.
5. Settlement: Madhouse converts the stablecoin and routes the local payout. Trade execution takes 3-5 minutes from deposit confirmation; settlement to the recipient ranges from instant on most local rails to 1-2 business days for ACH and 5-7 days for SWIFT.

Solana is one of the six supported deposit networks alongside Arbitrum, Base, Ethereum, Optimism, and Polygon. All inbound transfers use USDC as the sole settlement stablecoin. Unique per-transfer deposit addresses mean multi-chain deposits are supported within a single transaction flow.

Key Features

Geographic breadth. 85 currencies covering mobile-money corridors (M-Pesa for KES, UPI for INR), major card-settlement currencies (USD, EUR, GBP), and regional bank transfers across Latin America (BRL), Southeast Asia, and China (Alipay, WeChat Pay). The combination of mobile money and traditional banking rails in a single API is particularly relevant for emerging-market use cases where users rely on multiple payout channels.

Tiered transaction limits. The default tier supports transactions up to nine thousand dollars. Enterprise clients can transact up to one million dollars per transfer, with no minimum volume commitment required to get started.

Performance metrics. Madhouse reports a 98% off-ramp success rate, FX quote latency of 2-3 seconds, and trade execution within 3-5 minutes of USDC confirmation. These figures are self-reported and have not been independently audited.

Integration options. Partners can integrate via the direct REST API or embed a hosted Widget UI. A sandbox environment is available for testing. Dedicated developer Slack channels are provided during onboarding. Webhooks are planned but not yet available as of the project published documentation.

Pricing transparency. The fee structure is published in full on the documentation datasheet: a flat transaction fee for transfers below and above one thousand dollars, a 0.5% platform fee, and the mid-market FX spread. Volume discounts and revenue-share arrangements are available for enterprise partners.

Compliance and Security

Madhouse Wallet is registered with FinCEN as a Money Services Business (MSB number 31000303426052) and describes its infrastructure as licensed FX and settlement infrastructure across payout jurisdictions. KYB (Know Your Business) onboarding for new B2B partners takes 3-5 business days and is managed in partnership with compliance provider Comply Factor.

Data handling is GDPR and CCPA compliant. Infrastructure runs on AWS us-east-1 with AES-256 encryption at rest, TLS 1.2 or higher in transit, and AES-256-GCM for browser clients. API keys use 128-bit entropy; WebAuthn is available for browser-based users. A SOC 2 audit was in preparation as of the project published documentation, but no completion announcement has been found in public sources.

Team and Funding

The operating entity is The Walker Ledger Ltd, registered in Kenya. No public information on the founding team members or investors is available. No funding rounds have been announced in publicly accessible sources.

Fit within the Solana Ecosystem

Solana fast finality, low transaction fees, and growing USDC liquidity make it a natural inbound chain for stablecoin off-ramp services. For wallets and consumer apps built on Solana that need to serve users who want to exit into local currencies, particularly in Africa, Asia, and Latin America where Solana-based payments and DeFi activity are expanding, Madhouse Wallet provides a direct path from on-chain USDC to local bank accounts or mobile wallets without requiring the application developer to handle fiat infrastructure directly.

The multi-chain deposit model means a Solana-native wallet is not locked into Solana for all of its off-ramp flows; partners can accept USDC from whichever network their users prefer. This flexibility reduces integration friction for wallets that operate across chains while keeping Solana as a first-class option.

Because Madhouse targets wallets, exchanges, and fintechs rather than individual consumers, its relevance within Solana is primarily as embedded infrastructure. Solana projects building remittance, payroll, or payments use cases, areas where stablecoin-to-fiat off-ramp is a hard requirement rather than a nice-to-have, are the natural integration partners.