Sulyap Send — денежные переводы по стейблкоин-рельсам и долларовые кошельки, США — Филиппины

Licensing: in the US, Sulyap operates as a program of a licensed money-transmission partner (state licences and FinCEN MSB registration sit with the sponsor), so it does not need 49 state licences at launch; in the Philippines payouts are made by the licensed partner.

Comparable companies: Remitly, Wise, Western Union and Xoom on the corridor; stablecoin-rail challengers Coins.ph, Strike and Félix Pago (US→Mexico over WhatsApp).

Who pays

Senders pay: Filipino-American nurses, caregivers, seafarers on US contracts and office workers who send money home monthly; recipients (parents, siblings, students) use the app for free. A 'sale' is a verified sender who completes a first transfer; an active sender is one who sends in the month.

How it makes money

An active sender moves ≈ $650 a month (1.6 transfers of ≈ $405). Revenue: an FX margin of 1.3% on the 80% converted to pesos ≈ $6.76; a 1.5% fee on the 30% funded by debit card ≈ $2.93; a cash-pickup fee of $2.99 on one transfer in ten ≈ $0.42; and reserve income on dollar balances held in the app (≈ $400 average, 80% share of ≈ 3.5% yield) ≈ $0.93. Total ≈ $11 per active sender a month — an all-in price of ≈ 1.7% versus 2–3% at most corridor incumbents. Bank funding and wallet payouts carry no fee.

Key assumptions

• Pricing below incumbents: Remitly charges $0 for bank deposit and wallet payout and $4.99 for cash pickup, earning on the exchange rate (and offers a first-transfer promo rate); Sulyap matches the zero fee and keeps a 1.3% FX margin.
• Costs per active sender: ACH/RTP funding and bank-link checks ≈ $0.35; debit card processing 1.2% of card-funded volume; Philippine off-ramp partner 0.20% of converted volume (payout via InstaPay included); FX hedging and USDC liquidity 0.05%; sponsor bank / money-transmission programme fee 0.10%; ACH-return and account-takeover fraud 0.05%; pawnshop cash-pickup payouts ≈ $1.25 each (one transfer in ten); monitoring and support ≈ $0.30.
• Reserve income: stablecoin programmes built for distributors — Paxos's Global Dollar Network (USDG) and Bridge's Open Issuance (own-brand stablecoins with the reserve yield passed to the issuing app) — pass most reserve income to the platform that holds the balances. The model assumes 80% of ≈ 3.5% on an average $400 balance (the exact share is negotiated; estimate) — it falls with US interest rates (at 2% it would be ≈ $0.53).
• Acquisition at median benchmarks for US diaspora audiences: Meta at $9 CPM, 1.0% CTR, 25% of clicks install, 14% of installs verify and send ≈ $26 per sender; community ambassadors (churches, nurses' associations, Filipino groceries) paid $20 per new sender; referral bonus $10 to both sides; first transfer has a boosted rate worth ≈ $5.
• Retention: 72% send again in month 2, 50% are active in month 12, then 1.3% monthly decay — remittance is habitual once trusted, and nurses and caregivers on multi-year US contracts are a stable base.
• US payroll: engineers in the US ≈ $13,000 a month and in Manila ≈ $3,000; payroll taxes and benefits ≈ 12% blended.
• No sales tax or VAT applies to money transmission in the US; Philippine documentary stamp tax on remittances is borne by the payout partner.
• Cumulative payback comes late: remittance is a scale business with ≈ $5 contribution per active sender a month, so the first two years build the base. With a 36-month horizon this model would look unprofitable.

Risks

• Bear market and stablecoin risk: transfers are dollar-for-dollar, so crypto prices do not drive volume, but a stablecoin de-peg, a freeze at the issuer or a crisis that makes banks de-risk crypto partners would stop payouts — keep a fiat fallback rail with the sponsor.
• Partner dependency on both ends: the US sponsor and the Philippine off-ramp can reprice or exit; regulators (state regulators, BSP) are tightening rules on crypto-based remittance.
• Price war: Remitly, Wise and bank apps run zero-fee promos; if the FX margin falls to 0.6%, revenue per sender falls by about a third.
• Interest-rate and legal risk on reserve income: it disappears if US rates fall toward zero, and the US GENIUS Act (2025) bars stablecoin issuers from paying yield to holders; the market-structure bill (CLARITY Act) debate is over whether distributors like Sulyap may still share issuer income with users. If 'rewards' through distributors are banned, the line goes to zero — it is under a tenth of revenue in the model for that reason.

How to adapt this model

• US→Mexico corridor: payout via SPEI and OXXO cash pickup, a higher share of cash pickup and smaller transfers (≈ $300); WhatsApp as the interface works well there (Félix Pago).
• Own licences instead of a sponsor: remove the 0.10% programme fee, add state licensing and surety-bond costs (≈ $1–2M up-front) and a larger compliance team.
• If recipients hold more dollars, raise the average balance — reserve income grows, but so does the obligation to explain the risk.

Sources

• https://www.remitly.com/us/en/philippines/pricing — $0 fee for bank deposit and mobile wallet, $4.99 cash pickup, first-transfer promo rate
• https://en.wikipedia.org/wiki/MoonPay — example of a US money transmitter licence (NYDFS BitLicense, June 2025) for a crypto payments firm
• https://strike.me/lending/ — Strike, a US bitcoin/stablecoin payments firm, used as a comparable for consumer crypto-rail products
• https://www.paxos.com/ — Global Dollar Network (USDG): reserve rewards shared with distribution partners (80% is an estimate)
• https://www.bridge.xyz/ — Bridge (Stripe) Open Issuance: apps issue their own stablecoin and keep reserve yield
• https://coins.ph/ — BSP-licensed VASP and e-money issuer in the Philippines (example payout partner)