Key Highlights
- No Native Token Design: 1Money’s Layer 1, led by CEO Brian Shroder, eliminates a native cryptocurrency, charging fees directly in stablecoins to simplify user experience and avoid speculative tokenomics.
- Flat Gas Fees Innovation: The network introduces fixed, low-cost transaction fees, with plans for gasless options, tackling the unpredictability plaguing traditional blockchain gas costs.
- Stablecoin-Only Focus: Built for instant, multicurrency stablecoin payments with over 250,000 TPS capacity, 1Money prioritizes speed and compliance over smart contracts, targeting mainstream adoption.
Brian Shroder, the former Binance.US CEO turned co-founder and CEO of 1Money, is spearheading a bold vision to reshape the stablecoin ecosystem with a purpose-built Layer 1 blockchain, unveiled in stealth on January 16, 2025. Dubbed the 1Money Network, this innovative protocol—set to launch in Q2 2025—eschews a native token and introduces flat gas fees, aiming to deliver a seamless, cost-predictable payment solution tailored exclusively for stablecoin transactions. With over $20 million in seed funding secured from prominent venture capital firms, Shroder’s venture promises to address longstanding pain points in Web3 payments, potentially setting a new standard for global financial infrastructure.
The 1Money Network’s design is a radical departure from conventional Layer 1 blockchains. Unlike platforms like Ethereum or Solana, which rely on native tokens (ETH and SOL, respectively) to power transactions and incentivize network participants, 1Money eliminates this layer entirely. Instead, transaction fees—termed “gas” in blockchain parlance—are charged directly in the stablecoin being used, such as USD Coin (USDC) or Tether (USDT), at a fixed, industry-low rate. This eliminates the need for users to hold speculative assets to cover volatile fee spikes, a common frustration in networks where gas costs can surge during peak usage. Shroder has emphasized that this streamlined approach is about accessibility: “Stablecoins are poised to modernize global finance, and we’re building a network that makes them practical for everyday use—paying friends, e-commerce, or remittances.”
Shroder’s pivot to 1Money follows a high-profile tenure at Binance.US from August 2021 to September 2023, where he navigated regulatory storms, including a bruising SEC confrontation. After stepping away, he reemerged with 1Money, backed by investors like F-Prime Capital, Galaxy Ventures, and Hack VC, signaling confidence in his vision. The $20 million raise, announced in January, funds a Layer 1 built from scratch with a patent-pending Byzantine Consistent Broadcast design—a consensus mechanism optimized for speed and reliability over the complexity of smart contract-heavy platforms. Unlike Ethereum’s programmable versatility or Solana’s high-throughput focus, 1Money deliberately forgoes smart contracts, doubling down on payment efficiency with instant transaction confirmations under one second and a capacity exceeding 250,000 transactions per second (TPS).
The absence of a native token is a calculated gamble. Most Layer 1s use tokens for governance, staking, or miner rewards, creating ecosystems where value accrues to holders. Shroder’s team, however, views this as a distraction from stablecoin utility. By charging fees in the transacted stablecoin, 1Money sidesteps the “tokenomics” clutter—staking, slashing, or proof-of-work—that complicates user onboarding. This simplicity aligns with Shroder’s broader mission to bridge Web3 and mainstream adoption, targeting use cases where stablecoins shine: cross-border payments, peer-to-peer transfers, and merchant transactions. “We’re not here to speculate or build a governance playground,” Shroder has stated, emphasizing a laser focus on payment infrastructure over decentralized finance (DeFi) experimentation.
Flat gas fees further distinguish 1Money. Traditional blockchains often see fees balloon during congestion—Ethereum’s 2021 gas wars saw costs hit triple digits in USD terms—alienating users needing predictability. 1Money’s fixed-fee model, with plans for “gasless” transactions via ecosystem partners, offers businesses and individuals a stable cost structure, a boon for enterprises eyeing blockchain for payroll or remittances. The network’s multicurrency support adds another layer, natively accommodating stablecoins tied to various fiat currencies—think USD, EUR, or JPY—without requiring users to juggle conversion or secondary tokens. This positions 1Money as a potential settlement layer for global commerce, rivaling efforts like Ripple’s stablecoin network or the Global Dollar Network.
Shroder’s Web3 credentials lend weight to this endeavor. At Binance.US, he scaled the exchange into a top U.S. player, managing compliance amid a shifting regulatory landscape. His earlier roles at Uber and Boston Consulting Group honed his knack for operational efficiency and market expansion—skills now applied to 1Money’s lean, payments-first ethos. The network’s compliance-first approach is a standout: it embeds native sanctions controls and regulatory mechanisms, a nod to Shroder’s Binance-honed experience with U.S. oversight. This could ease adoption by fintechs and banks wary of crypto’s Wild West reputation, especially as stablecoins face scrutiny under frameworks like the EU’s MiCA or Trump’s nascent U.S. crypto working group, launched in January 2025.
For Web3, 1Money’s implications are seismic. Stablecoins, a $214 billion market by January 2025 with forecasts to surpass $300 billion this year, are crypto’s killer app, outpacing Bitcoin in payment utility. Yet, existing Layer 1s often saddle them with inefficiencies—long settlement times, high fees, or compliance gaps. 1Money’s purpose-built design tackles these head-on, offering scalability that could serve billions without the bloat of multi-purpose chains. Its 250,000 TPS baseline dwarfs Ethereum’s 15-30 TPS and rivals Solana’s 65,000 theoretical peak, though it sacrifices programmability for this edge—a trade-off Shroder deems worthwhile.
Critics, however, see risks. A no-token model might limit network incentives, potentially stunting validator growth compared to staked ecosystems. The lack of smart contracts could deter DeFi developers, narrowing 1Money’s appeal to payment-focused firms over broader blockchain innovators. Competition looms large—Visa’s stablecoin-linked card push, PayPal’s crypto forays, and Layer 2 solutions like Arbitrum offer alternatives. Still, Shroder counters that 1Money’s niche focus is its strength: “We’re not trying to be everything to everyone—just the best at stablecoin payments.”
The U.S.’s pro-crypto tilt, with Trump’s Strategic Bitcoin Reserve and relaxed SEC stance by March 2025, provides tailwinds. 1Money’s Q2 launch could ride this wave, drawing fintechs and retailers—like those already testing stablecoins for food delivery or gas stations—into its orbit. Partnerships with payment providers, hinted at in Shroder’s roadmap, might amplify reach, integrating stablecoins into existing rails. If successful, 1Money could redefine how Web3 delivers value, proving stablecoins needn’t bend to legacy blockchain quirks.
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