Brian Shroder, the former CEO of Binance.US, has launched 1Money, a stablecoin orchestration platform, signaling his continued focus on the digital asset space. This move precedes 1Money's planned launch of a layer-1 blockchain designed specifically for payments.
The 1Money platform aims to disrupt the stablecoin ecosystem by offering "zero platform fees," instead opting for usage-based fees for transactions involving stablecoins and fiat currencies. According to the company, this initiative will extend to 1Money's layer-1 network, promising transactions with no gas fees. Shroder contends that traditional stablecoin service providers have hindered the ecosystem with high monthly minimums and inflated fees, a practice 1Money seeks to end.
Shroder served as the CEO of Binance.US, a separate legal entity from the global cryptocurrency exchange, from 2021 to 2023. In 2024, he founded 1Money, securing $20 million in seed funding by January 2025 to advance the stablecoin-focused platform. Prior to this announcement, 1Money reported obtaining 34 money transmitter licenses in the United States. The orchestration platform will offer regulated custody for stablecoins and infrastructure.
1Money plans to launch its layer-1 network in the second quarter of 2025, with further scaling improvements expected in the third quarter. Shroder has stated that the network is designed to be the fastest, cheapest, and most compliant for stablecoin transactions, targeting businesses that have previously been hesitant to adopt crypto due to regulatory uncertainties, slow transaction speeds, and the need to handle speculative assets. A key element in achieving low fees is the absence of a native token, removing the need to divert gas fees to support the price of a speculative asset.
The network's architecture, utilizing a patent-pending Byzantine Consistent Broadcast system, facilitates near-instant finality, processing transactions as they occur with equal priority and settling them in under one second. Shroder noted similarities between 1Money's architecture and Meta's defunct Diem stablecoin project. He clarified that 1Money operates as a distributed ledger technology using broadcasting to update ledgers rather than a traditional blockchain.
The launch of 1Money comes amid increasing stablecoin adoption and growing regulatory clarity in the United States and the European Union. Several fintech companies have recently announced plans in the stablecoin sector. Payments providers like Unlimit have launched non-custodial platforms for stablecoins, while Visa and Mastercard have integrated stablecoin support. Ripple Labs has also expanded into stablecoin payment services through its acquisition of Rail and the introduction of its RLUSD stablecoin in 2024.
1Money's leadership team includes co-founder Matt Shroder, formerly SVP of global operations at Binance and with experience at Uber, as well as Chris Lalan, former deputy general counsel at OKX, as chief legal officer; Kristen Hecht, former Binance deputy CCO, as CCO; and Brett Enclade, former Ripple CISO, as CISO.
