แผนที่คู่แข่งในตลาด stablecoin banking ปี 2026 — ตั้งแต่ยักษ์ใหญ่อย่าง MoonPay (ARR $107M · 47 state MTLs) ไปจนถึง startups ใหม่อย่าง Kast (unicorn ปี 2025) และ RedotPay (5M users)
ตลาด stablecoin banking / crypto-to-fiat ปี 2026 มีผู้เล่นหลากหลาย — แบ่งเป็น 3 tiers ตามขนาด
MoonPay คือผู้เล่นใหญ่ที่ PEXX ต้องเจอ — ไม่ใช่แค่แข่งตลาด แต่ยังเป็น infrastructure provider ที่หลายแบรนด์ใช้ด้วย
MoonPay ไม่ใช่ neobank — เป็น B2B2C infrastructure ที่ให้แบรนด์อื่นฝัง crypto on/off-ramp เข้าไปในแอปของตัวเอง
MoonPay และ PEXX ไม่ได้แข่งโดยตรง — MoonPay คือ infrastructure (เหมือนบริการ payment gateway) ส่วน PEXX คือ neobank (บัญชี + บัตร + yield) — จริง ๆ PEXX อาจ ใช้ MoonPay เป็น on-ramp ก็ได้
ตารางเทียบครบทุกผู้เล่นในตลาด (16 แบรนด์) · แบ่งเป็น 7 หมวด: Company · Licenses · Products · Crypto · Fees · Yield · Coverage
| Brand | Founded | HQ | Users | Valuation | Latest Round | Revenue | Status |
|---|---|---|---|---|---|---|---|
| 🔥 PEXXAU · HK | 2024 | 🇦🇺 🇭🇰 | 50K+ | Private | — | — | Early-stage |
| 🌙 MoonPayUSA · Florida | 2019 | 🇺🇸 | 20M+ | $3.4B | Series A 2022 | $107.6M ARR | Late-stage |
| ⚡ KastSingapore | 2023 | 🇸🇬 | 1M+ | $600M | $80M Series A | ~$100M ARR | Growth |
| 💎 RedotPayHong Kong | 2023 | 🇭🇰 | 5M+ | $1B+ 🦄 | Unicorn (Sep 2025) | — | Unicorn |
| 🔵 WirexUK · London | 2014 | 🇬🇧 | 6M+ | Public (RWS) | RWS Token | — | Established |
| 🟣 JunoUSA · San Francisco | 2020 | 🇺🇸 | 100K+ | Private | Series A | — | Growth |
| 🟢 DakotaUSA · New York | 2024 | 🇺🇸 | Early | Private | $12.5M seed | — | Early-stage |
| 🟠 BitnobNigeria | 2020 | 🇳🇬 | 1M+ | Private | Seed/Series A | — | Growth (Africa) |
| 🔷 hiGlobal · SVG | 2021 | 🌍 | 3M+ | Private | ICO $30M | — | Growth |
| 🟤 BleapEU | 2023 | 🇪🇺 | Early | Private | Seed | — | Early-stage |
| 🟡 TuyoGlobal | 2024 | 🌍 | Early | Private | Seed | — | Early-stage |
| 💜 AviciSolana-native | 2024 | 🌍 | Early | Private | Seed | — | Early-stage |
| 🦉 Gnosis PayGnosis DAO | 2023 | 🇨🇭 | 50K+ | DAO | DAO-funded | — | Growth |
| 🇨🇭 Fiat24Swiss bank | 2022 | 🇨🇭 | 10K+ | Private | Swiss bank license | — | Early-stage |
| ⚫ Crypto.comSingapore | 2016 | 🇸🇬 | 100M+ | ~$12B (est.) | Private | $1B+ ARR | Late-stage |
| 🟦 RevolutUK · London | 2015 | 🇬🇧 | 45M+ | $45B | Secondary 2024 | $2.2B 2024 | Late-stage |
| Brand | US FinCEN MSB | NY BitLicense | US State MTLs | EU VASP/EMI | UK FCA | AUSTRAC | Singapore MAS | Other |
|---|---|---|---|---|---|---|---|---|
| 🔥 PEXX | ✓ | ✗ | None | ✗ | ✗ | ✓ DCE+Remit | ✗ | — |
| 🌙 MoonPay | ✓ | ✓ | 47 รัฐ | ✓ NL VASP | ✓ | ✓ | Partner | CA · ES |
| ⚡ Kast | Partner | ✗ | Partner | ✗ | ✗ | ✗ | Operating in SG | — |
| 💎 RedotPay | Partner | ✗ | Partner | ✗ | ✗ | ✗ | ✗ | HK SFC-aware |
| 🔵 Wirex | ✓ | ✗ | ~30 รัฐ | ✓ LT EMI | ✓ Registered | ✗ | ✗ | CA · JP |
| 🟣 Juno | Partner bank | ✗ | via Evolve | ✗ | ✗ | ✗ | ✗ | US-only |
| 🟢 Dakota | ✓ | ✗ | via Rain | ✗ | ✗ | ✗ | ✗ | — |
| 🟠 Bitnob | via partner | ✗ | ✗ | ✗ | ✗ | ✗ | ✗ | NG SEC |
| 🔷 hi | ✗ | ✗ | ✗ | Malta? MFSA | ✗ | ✗ | ✗ | SVG license |
| 🟤 Bleap | ✗ | ✗ | ✗ | EU MiCA pending | ✗ | ✗ | ✗ | — |
| 🟡 Tuyo | Partner | ✗ | ✗ | ✗ | ✗ | ✗ | ✗ | — |
| 💜 Avici | Non-custodial | ✗ | ✗ | ✗ | ✗ | ✗ | ✗ | Self-custody |
| 🦉 Gnosis Pay | ✗ | ✗ | ✗ | ✓ via Monerium EMI | ✗ | ✗ | ✗ | EU focus |
| 🇨🇭 Fiat24 | ✗ | ✗ | ✗ | Swiss passport | ✗ | ✗ | ✗ | ✓ FINMA bank |
| ⚫ Crypto.com | ✓ | ✗ | ~40 รัฐ | ✓ MiCA 2025 | ✓ | ✓ AFSL | ✓ MAS MPI | FR, IT, SK+ |
| 🟦 Revolut | ✓ | ✓ | ~50 รัฐ | ✓ LT EMI + Bank | ✓ Banking | ✓ AFSL | ✓ MAS MPI | Full banking |
| Brand | USD Account | EUR Account | Debit Card | Yield/Savings | Remittance | QR Pay | Business | Crypto Trading | Salary in Crypto |
|---|---|---|---|---|---|---|---|---|---|
| 🔥 PEXX | ✓ Full | ✗ | ✓ V/MC | ✓ 4% | ✓ 17+ ctry | ✓ | ✓ Business | USDT/USDC only | ✗ |
| 🌙 MoonPay | ✗ | ✗ | ✗ | ✗ | On/off ramp | ✗ | ✓ API | ✓ 150+ coins | ✗ |
| ⚡ Kast | ✓ No US resident | limited | ✓ Visa | ✓ 10% | ✓ 190 ctry | ~ | ✓ | Swap only | ~ |
| 💎 RedotPay | Limited | ✗ | ✓ V/MC | Small | ✓ 100+ ctry | ✓ | ~ | Swap | ✗ |
| 🔵 Wirex | ✓ | ✓ | ✓ Visa | ✓ 4-16% | ✓ 130+ ctry | ✗ | ✓ | ✓ 150+ coins | ~ |
| 🟣 Juno | ✓ ACH | ✗ | ✓ MC | 1-4% | US focus | ✗ | ✗ | USDC only | ✓ |
| 🟢 Dakota | ✓ ACH/Wire | ✗ | ✓ via Rain | USDC yield | Business only | ✗ | ✓ Business-focused | Hold only | ✗ |
| 🟠 Bitnob | ✓ Nigerian | ✗ | ✓ V/MC | ✓ BTC yield | ✓ Africa corridor | ✓ | ✓ | ✓ BTC/stable | ✓ |
| 🔷 hi | Limited | Limited | ✓ V | Staking | Limited | ✗ | ✗ | ✓ 150+ coins | ✗ |
| 🟤 Bleap | ✗ | ✓ EUR IBAN | ✓ Visa | ✓ DeFi yield | EU focus | ✗ | ✗ | ✓ | ✗ |
| 🟡 Tuyo | ✓ | ✓ | ✓ Visa | ✓ 11% | ✓ Fee-free | ✗ | ✗ | USDC/EURC | ✗ |
| 💜 Avici | Self-custody | ✗ | ✓ Visa | DeFi | ✗ | ✗ | ✗ | ✓ Solana | ✗ |
| 🦉 Gnosis Pay | ✗ | ✓ EUR IBAN | ✓ Visa | DeFi | ✗ | ✗ | ✗ | ✓ On-chain | ✗ |
| 🇨🇭 Fiat24 | ✓ USD IBAN | ✓ EUR IBAN | ✓ Debit/Credit | Banking rates | ✓ SWIFT | ✗ | ✓ | ✓ | ✗ |
| ⚫ Crypto.com | ✓ | ✓ | ✓ Visa tiered | ✓ CRO staking | ✓ Global | Limited | ✓ SME | ✓ 300+ coins | ✗ |
| 🟦 Revolut | ✓ Full | ✓ Full | ✓ V/MC tiered | ✓ Savings 5% | ✓ 150+ ctry | Limited | ✓ Full business | ✓ 170+ coins | ✓ |
| Brand | USDT | USDC | BTC | ETH | SOL | Multi-chain | Self-custody | Total Cryptos |
|---|---|---|---|---|---|---|---|---|
| 🔥 PEXX | ✓ | ✓ | ✗ | ✗ | ✗ | ✓ Multi | Custodial | 2 |
| 🌙 MoonPay | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | Both | 150+ |
| ⚡ Kast | Swap only | ✓ Native | Deposit | Deposit | Deposit | ✓ | Custodial | ~10 |
| 💎 RedotPay | ✓ | ✓ | ✓ | ✓ | ~ | ✓ | Custodial | ~20 |
| 🔵 Wirex | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | Custodial | 150+ |
| 🟣 Juno | ✗ | ✓ Only | Trade | Trade | ✗ | ETH only | Custodial | ~30 |
| 🟢 Dakota | ~ | ✓ Focus | ✗ | ✗ | ✗ | ✓ | Custodial | ~5 |
| 🟠 Bitnob | ✓ | ✓ | ✓ Focus | Trade | ✗ | ✓ | Custodial | ~10 |
| 🔷 hi | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | Custodial | 150+ |
| 🟤 Bleap | ✓ | ✓ | ✓ | ✓ | Partial | ✓ | Hybrid | ~20 |
| 🟡 Tuyo | ✗ | ✓ | ✓ | ~ | ✗ | EURC too | Custodial | ~5 |
| 💜 Avici | Bridge | ✓ Native | ✗ | Bridge | ✓ Focus | ✓ SOL+POL+ARB | ✓ Self | SOL ecosystem |
| 🦉 Gnosis Pay | ✗ | ✓ EURe native | ✗ | ✓ | ✗ | Gnosis Chain | ✓ Self | ERC-20 |
| 🇨🇭 Fiat24 | Limited | ✓ | ✓ | ✓ Native (Arbitrum) | ✗ | Arbitrum focus | Hybrid | ~5 |
| ⚫ Crypto.com | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | Custodial | 300+ |
| 🟦 Revolut | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | Custodial | 170+ |
| Brand | Card Purchase | Bank Transfer | FX Markup | ATM Withdrawal | Monthly Fee | Card Issuance | Crypto Spread |
|---|---|---|---|---|---|---|---|
| 🔥 PEXX | ~1-2% | Low | ~0.5% | Free tier | Free | Free virtual | ~0.5% |
| 🌙 MoonPay | 4.5% | 1% | ~1-2% | No card | No card | No card | 1-3% |
| ⚡ Kast | <1% | Free | 0% | Low | Free | $5-50 | Swap fee 0.5% |
| 💎 RedotPay | ~1% | Low | ~1% | 2% ATM | Free | $20-100 | ~0.8% |
| 🔵 Wirex | ~1-2% | Free | 0% in-plan | Free up to limit | Free (basic) | Free-£30 | ~0.5-1% |
| 🟣 Juno | 2-3% | Free ACH | ~1% | Free 5 times/mo | Free | Free | ~0.5% |
| 🟢 Dakota | Low (B2B) | Low | Low | Business | Custom | via Rain | Tight |
| 🟠 Bitnob | ~1-2% | Free local | ~1.5% | Local ATM | Free | $10-30 | ~1% |
| 🔷 hi | ~2% | Varies | ~1% | Fee | Tier-based | Free-$200 | ~1% |
| 🟤 Bleap | Low | Free SEPA | 0% | Low | Free | €9-29 | 0% |
| 🟡 Tuyo | Fee-free | Free | 0% | Free | Free | Free-$50 | Spread 0.3% |
| 💜 Avici | <1% | Self-custody | Network fee only | Low | Free | Free virtual | Gas fees |
| 🦉 Gnosis Pay | 0% | Self-custody | ~1% | Fee | Free | €25 one-time | On-chain only |
| 🇨🇭 Fiat24 | Bank rates | Bank rates | Bank FX | Standard | CHF 20/mo | CHF 0-50 | Bank spread |
| ⚫ Crypto.com | 2-4% | Free ACH | ~1% | Varies by tier | Free basic | Free-$400 | Variable |
| 🟦 Revolut | 1-2% | Free up to limit | 0% Premium | Free limit | Free-£15/mo | £5 | ~0.5-2.5% |
| Brand | USD | USDC | USDT | BTC | ETH | Max APY | Lockup | Yield Source |
|---|---|---|---|---|---|---|---|---|
| 🔥 PEXX | 4% | 4% | 4% | ✗ | ✗ | 4% | None | T-bills / partner |
| 🌙 MoonPay | — | None | None | ✗ | ✗ | N/A | N/A | No yield product |
| ⚡ Kast | ~5% | 10% | 10% | ✗ | ✗ | 10%+ | None | Gauntlet Vault (DeFi) |
| 💎 RedotPay | Small | ~2-4% | ~2-4% | ✗ | ✗ | ~4% | None | T-bill / money market |
| 🔵 Wirex | 4% | 10-12% | 10-12% | 6% | 8% | 16% | Some lockup | DeFi X-Accounts |
| 🟣 Juno | 1-4% | 4% | ✗ | ✗ | ✗ | 4% | None | Partner bank |
| 🟢 Dakota | ~4% | 4-6% | ~ | ✗ | ✗ | ~6% | None | USDC yield programs |
| 🟠 Bitnob | ✗ | ~ | ~ | 4-6% | ✗ | 6% | Variable | BTC DCA + yield |
| 🔷 hi | — | Staking | Staking | Staking | Staking | ~5-15% | Locked staking | CeFi staking |
| 🟤 Bleap | ✗ | 4-6% | 4-6% | ~ | 3-5% | ~6% | None | Aave / DeFi |
| 🟡 Tuyo | ~11% | 11% | ✗ | BTC yield | ✗ | 11% | None | Institutional yield |
| 💜 Avici | ✗ | DeFi APYs | ✗ | ✗ | ✗ | ~5-10% | Protocol risk | Solana DeFi |
| 🦉 Gnosis Pay | ✗ | EURe yield | ✗ | ✗ | Staking sep. | ~3-4% | None | On-chain only |
| 🇨🇭 Fiat24 | Bank rates | — | — | — | — | ~1-2% | None | Swiss banking |
| ⚫ Crypto.com | 2-4% (CRO tier) | 6-8% | 6-8% | 3-6% | 3-6% | 14% (with CRO) | 1/3 mo terms | CeFi + CRO staking |
| 🟦 Revolut | 4-5% | ~3% | ✗ | ✗ | ✗ | 5% | None (Flex) | MMF / fiat savings |
| Brand | Countries | Merchants | Card Network | iOS / Android | Web App | API | KYC Speed | Languages |
|---|---|---|---|---|---|---|---|---|
| 🔥 PEXX | 17+ | Visa/MC network | Visa + MC | ✓ Both | ✓ | Partner API | ~10-30 min | EN |
| 🌙 MoonPay | 160+ | — | N/A (on-ramp) | ✓ Both | ✓ | ✓ Widget | Instant-10 min | 30+ |
| ⚡ Kast | 190 | Visa network | Visa | ✓ Both | Limited | ~ | Fast | EN + Asian |
| 💎 RedotPay | 100+ | 130M | Visa + MC | ✓ Both | ✓ | ✗ | Fast | EN + ZH |
| 🔵 Wirex | 130+ | Visa network | Visa | ✓ Both | ✓ | Limited | 1-3 days | 10+ |
| 🟣 Juno | US-only | MC network | Mastercard | ✓ Both | ✓ | ✗ | Fast (US) | EN |
| 🟢 Dakota | US-focused | Visa | Visa (via Rain) | Business focus | ✓ | ✓ | Business KYC | EN |
| 🟠 Bitnob | 10+ (Africa) | Visa/MC | Visa + MC | ✓ Both | Limited | ✓ | Fast | EN + local |
| 🔷 hi | Global | Visa network | Visa | ✓ Both | ✓ | ✗ | Variable | 5+ |
| 🟤 Bleap | EU-focused | Visa | Visa | ✓ Both | ✓ | ✗ | Fast | EN + EU |
| 🟡 Tuyo | Global | Visa | Visa | ✓ Both | Limited | ✗ | Fast | EN |
| 💜 Avici | Global | Visa | Visa | ✓ Both | ✓ | Web3 API | Wallet-based | EN |
| 🦉 Gnosis Pay | EU (EEA) | Visa | Visa | ~ | ✓ | Web3 | Wallet-based | EN + EU |
| 🇨🇭 Fiat24 | Global (bank-grade) | Visa/MC | Visa + MC | ✓ Both | ✓ | Web3 + API | Bank KYC 1-3d | EN + DE |
| ⚫ Crypto.com | 100+ | Visa network | Visa | ✓ Both | ✓ | ✓ | Instant-1 day | 20+ |
| 🟦 Revolut | 50+ (full banking) | Visa/MC | Visa + MC | ✓ Both | ✓ | Business API | Instant-1 day | 25+ |
รวมคำศัพท์ทุกคำที่ใช้ใน Feature Matrix — regulator, license, banking, crypto, fee, yield — แต่ละคำบอก ตัวย่อ → ชื่อเต็ม → ความหมายภาษาไทย + ทำไมมันสำคัญ
Glossary นี้ครอบคลุม 73 terms ใน 7 หมวด
— ตั้งแต่ regulator (FinCEN, AUSTRAC, FCA) ไปจนถึง technical term (L2, gas fee, TVL)
— ใช้เป็น reference ประกอบการอ่านตาราง Feature Matrix ด้านบนครับ
ถ้าเจอคำที่ไม่เข้าใจในตาราง ให้กลับมาดูที่นี่ได้เลย
อธิบายทุก ค่า (value) ที่อยู่ใน cells ของตาราง Feature Matrix — สัญลักษณ์, ตัวเลข, ระดับ, คำย่อ — เพื่อให้คนทั่วไปอ่านแล้วเข้าใจได้ทันที
วาง player ตาม 2 แกน — ระดับธุรกิจ (B2C neobank ↔ B2B infrastructure) และ ขนาด (Early-stage ↔ Established)
เจาะจุดขายเฉพาะของแต่ละ player ที่ทำให้ยืนอยู่ในตลาดได้
วิเคราะห์จุดที่ PEXX ได้เปรียบและเสียเปรียบใน landscape นี้
PEXX อยู่ในกลุ่ม "emerging stablecoin neobank" เดียวกับ
Kast, Bitnob, Tuyo, RedotPay (ช่วงแรก) — ไม่ได้แข่งกับ MoonPay โดยตรง
ถ้าจะ ชนะในตลาดนี้ ต้องเลือกหนึ่งใน 3 ทาง: