Arbitrum Celebrates Fiat24's $1.8M Payments Milestone
Arbitrum officially congratulated Fiat24 on surpassing $1.8 million in payments volume, highlighting the Swiss-regulated platform as evidence that "crypto payment businesses win" on Layer 2 infrastructure. The announcement, made on February 4, 2026, marks a significant milestone for on-chain payment processing, where every transaction is transparently booked on the Arbitrum blockchain rather than hidden behind centralized databases.
Fiat24 operates under a Swiss FINMA fintech license, making it one of the few crypto payment platforms with full regulatory approval from one of the world's strictest financial authorities. The platform has been approved to join the Swiss Interbank Clearing (SIC) payment system with a settlement account at the Swiss National Bank, placing it alongside traditional Swiss banks in terms of infrastructure access.
Why a FINMA License Changes the Game
The crypto card market is crowded with providers operating under various regulatory frameworks, from Lithuanian EMIs to Bermuda-based entities. Fiat24's Swiss FINMA license puts it in a different category entirely. Switzerland's financial regulator is known for rigorous oversight, and a fintech license from FINMA carries weight with both merchants and banking partners that most crypto card issuers cannot match.
This regulatory foundation enables Fiat24 to access payment networks that are typically closed to crypto-native companies. SEPA transfers for European payments, SWIFT for international wires, and the SIX Swiss Exchange payment infrastructure are all part of the platform's connectivity. For users, this means a crypto-funded Mastercard debit card that functions identically to any traditional Swiss bank card, with the added benefit of Apple Pay and Google Pay compatibility.
The distinction matters because regulatory arbitrage has been a recurring problem in the crypto card space. Multiple providers have had their card programs suspended or restricted when banking partners reassessed risk. Fiat24's direct relationship with Swiss banking infrastructure reduces this counterparty risk significantly.
How Fiat24's On-Chain Banking Works
Unlike conventional crypto cards that require users to deposit funds into a custodial account, Fiat24 uses an NFT-based identity system. Users mint an NFT that serves as their banking identity, which is linked to a Swiss IBAN and Mastercard debit card. Crypto assets remain in the user's self-custody wallet (MetaMask, SafePal, or other compatible wallets) until the moment of spending.
The platform supports multiple fiat-pegged tokens: USD24, EUR24, CHF24, and CNH24. These are ERC-20 tokens backed one-to-one by cash deposits held by SR Saphirstein AG, the Swiss licensed deposit-taking institution behind Fiat24. When a user makes a purchase, the conversion from crypto to fiat happens at the point of sale, and the entire transaction is recorded on the Arbitrum blockchain.
This architecture solves a fundamental tension in crypto payments. Users want self-custody for security but need fiat conversion for real-world spending. Fiat24 bridges this gap without requiring users to pre-load a custodial account days before they plan to spend.
The F24 token functions as a reward and utility token within the ecosystem, used for upgrading account levels and minting preferred account numbers, with a maximum supply of 100 million tokens.
What $1.8M in Volume Actually Means
The $1.8 million figure represents real merchant payments processed through Fiat24's system, not DeFi trading volume or incentivized transactions. In the context of crypto payments, this is a meaningful distinction. Many payment platforms inflate their volume numbers by including peer-to-peer transfers or promotional spending that wouldn't exist without token incentives.
For a regulated platform processing genuine point-of-sale transactions on a Layer 2 network, $1.8 million represents organic adoption. The volume is modest compared to traditional payment processors, but the infrastructure underneath it, fully regulated, on-chain, self-custody compatible, is what matters for the long-term thesis.
Arbitrum's decision to publicly celebrate this milestone signals that the network sees real-world payment processing as a key use case for its L2 technology. The low fees and fast transaction times that make Arbitrum attractive for DeFi also make it practical for payment booking, where each transaction needs to be confirmed quickly without excessive gas costs.
The Growing PayFi Ecosystem on Layer 2s
Fiat24 is part of a broader trend of payment-focused applications building on Layer 2 networks. The "PayFi" narrative, which positions crypto infrastructure as a replacement for traditional payment rails rather than just a speculative asset class, has been gaining momentum throughout 2025 and into 2026.
Several wallet providers have integrated with Fiat24 to bring Arbitrum-based banking to their user bases. SafePal announced a strategic investment in Fiat24 alongside the launch of an in-app banking gateway and linked virtual crypto card. These partnerships expand the platform's reach without requiring users to leave their preferred wallet environment.
For crypto card users comparing options, Fiat24 occupies a unique position. Most competitors like Crypto.com, Binance, and Coinbase operate custodial models where users deposit funds into the provider's system. Fiat24's self-custody approach, combined with Swiss regulatory backing, appeals to users who prioritize both security and spending flexibility.
The platform also supports business accounts with Swiss IBANs, targeting Web3 companies that need traditional banking infrastructure for payroll, vendor payments, and treasury management while maintaining on-chain transparency.
FAQ
Is Fiat24 available worldwide? Fiat24 operates under Swiss regulation and currently serves users who can pass Swiss KYC requirements. Availability varies by jurisdiction. Check the Fiat24 website for current supported regions.
How does Fiat24 compare to other crypto cards? Fiat24 is unique in combining Swiss FINMA regulation, self-custody wallet support, and on-chain transaction transparency on Arbitrum. Most competitors require custodial deposits. However, Fiat24's payment volume is still small compared to established providers.
What wallets work with Fiat24? Fiat24 integrates with MetaMask, SafePal, and other Arbitrum-compatible wallets. Users connect their existing self-custody wallet rather than creating a new custodial account.
What is the F24 token? F24 is Fiat24's utility token used for account upgrades and premium features within the ecosystem. It has a maximum supply of 100 million tokens.
Overview
Fiat24 crossing $1.8 million in payments volume on Arbitrum is a milestone worth watching, not for the number itself, but for what it represents. A fully FINMA-regulated, Swiss-banked crypto payment platform that lets users spend from self-custody wallets is exactly the kind of infrastructure the industry needs for mainstream adoption. The volume will scale. The regulatory and architectural foundation is already in place, and that is the hard part.
