IOSG Report Reveals the True Landscape of Consumer-Grade Crypto: Tens of Millions of Users and Structural Opportunities

According to BroadChain, at 12:30 on April 21, PANews reported that the latest research from IOSG Ventures shows that the consumer-grade crypto market already has tens of millions of active users, primarily distributed in emerging markets such as Manila, Lagos, Buenos Aires, and Hanoi, rather than Silicon Valley or New York. Data indicates that Coins.ph has 18 million users in the Philippines, while Opera's MiniPay wallet has 4.23 million weekly active USDT users, with a monthly transaction volume of $153 million and a 506% year-on-year increase in on-chain activity. Lemon Cash ranks first in the financial app charts in Argentina and Peru, with 5.4 million downloads. However, user scale and revenue often move in opposite directions. Currently, the clearest case of achieving scale profitability is RedotPay, whose 6 million users contribute $158 million in annualized revenue and $10 billion in annualized transaction volume, with its valuation increasing 16 times since the seed round. Exodus, as a publicly listed company in the U.S. stock market, reported audited revenue of $121.6 million in 2025. The report points out that Tron has become the most important consumer-grade public chain, with its USDT track supporting a massive shadow e-commerce economy. However, the revenue from on-chain e-commerce protocols is almost zero, and none of the protocols tracked by DeFiLlama have daily revenues exceeding $10,000. In the payment field, the real screening criterion is not whether a product provides "non-incremental value," but whether marginal improvements can map to the structural characteristics of the unit economy. For example, RedotPay has established pricing power based on underlying advantages such as zero risk of chargebacks. The report also notes that the competition in the decentralized perpetual contract market has ended, with Hyperliquid dominating. Currently, the biggest challenge for consumer-grade crypto is not user acquisition but converting massive user bases into sustainable revenue.