Deep Dive
1. Multi-Chain Expansion (2 August 2025)
Overview: GMT Pay now supports Ethereum and BNB Chain, allowing users to purchase prepaid cards using USDC and GGUSD on these networks.
This update simplifies payments for users holding assets on Ethereum or BNB Chain, reducing the need for cross-chain swaps. The integration leverages existing bridges for seamless transactions, maintaining GMT Pay’s low-fee structure.
What this means: This is bullish for GMT because it broadens accessibility to GMT Pay, potentially attracting users from Ethereum and BNB Chain ecosystems. Reduced friction could drive higher card issuance volume.
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2. Major UX Overhaul (21 July 2025)
Overview: The update introduced unified cross-chain balance visibility, in-app customer support, and NFT-based raffle rewards for card usage.
Developers optimized frontend rendering for faster load times and added real-time balance tracking across Solana, Polygon, Ethereum, and BNB Chain. The raffle system incentivizes card creation and referrals via on-chain NFT tickets.
What this means: This is neutral for GMT because while usability improvements may boost adoption, the raffle mechanic’s long-term impact depends on sustained user engagement.
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3. GGUSD Integration (25 July 2025)
Overview: GMT Pay added support for GGUSD, a stablecoin backed by U.S. Treasuries, enabling fee payments and balance refunds in GGUSD.
The update allows users to avoid volatility when paying fees or deactivating cards, with 50% of unused balances automatically returned as GGUSD. Smart contracts were adjusted to handle Agora’s treasury-backed stablecoin mechanics.
What this means: This is bullish for GMT because GGUSD’s stability could attract risk-averse users, while the refund mechanism encourages card reuse.
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Conclusion
GMT’s recent updates prioritize interoperability (Ethereum/BNB Chain), stability (GGUSD), and user retention (raffles). While these enhancements align with broader crypto adoption trends, the lack of protocol-level upgrades (e.g., consensus changes, scalability fixes) suggests a focus on product-layer growth. How might deeper technical innovations, like zk-proof integrations, further differentiate GMT’s ecosystem?