About

MoveUSD is a U.S. dollar-backed stablecoin issued by CFX for commercial, institutional, and regulated customers, enabling sub-second, 24/7 settlement through blockchain-based payment rails. Each MoveUSD token is redeemable 1:1 for U.S. dollars, with the underlying funds held in beneficiary accounts at participating FDIC-insured banks and represented through on-chain proof of deposit.

History

CFX Labs was established in 2021 as a U.S.-based fintech focused on combining traditional banking infrastructure with blockchain technology for payments and cross-border settlement. In November 2023, the company raised a $9.5 million seed round from investors including Shima Capital, Kraken Ventures, CMT Digital, Corazon Capital, and Metropolitan Capital Bank & Trust. Its earlier products included the MoveMoney wallet and the Solana-based fxUSD stablecoin, which were primarily positioned around remittances and international money movement. CFX officially launched MoveUSD on April 1, 2025, repositioning its stablecoin infrastructure as a bank-integrated settlement network for institutions, fintechs, funds, payment providers, and corporate treasury operations. CFX is not itself a bank; it operates as a FinCEN-registered money-services business, maintains state money-transmission licenses, and works with participating banking institutions to custody the dollars supporting MoveUSD.