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Boqii Announces Fiscal 2025 First Half Unaudited Financial Results

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SHANGHAI, Dec. 31, 2024 /PRNewswire/ — Boqii Holding Limited (“We,” “Boqii” or the “Company”) (NYSE American: BQ), a leading pet-focused platform in China, today announced its unaudited financial results for the first half of fiscal 2025 (i.e., the six months ended September 30, 2024).

Fiscal 2025 First Half Operational and Financial Highlights

Total revenues were RMB249.7 million (US$35.6 million), compared to RMB389.4 million in the first half of fiscal 2024.

Loss from operations was RMB27.0 million (US$3.9 million), representing a decrease of 14.7% from RMB31.7 million for the first half of fiscal 2024.

Net loss was RMB29.6 million (US$4.2 million), representing a decrease of 21.6% from RMB37.7 million in the first half of fiscal 2024.

Diluted net loss per share was RMB0.28 (US$0.04), representing a decrease of 46.7% from diluted net loss per share of RMB0.52 for the first half of fiscal 2024.

EBITDA[1] was a loss of RMB25.0 million (US$3.6 million), representing a decrease of 25.4% from a loss of RMB 33.5 million in the first half of fiscal 2024.

Total GMV[2] was RMB538.2 million (US$76.7 million), compared to RMB903.0 million in the first half of fiscal 2024.

 

[1] EBITDA refers to net income/(loss) excluding income tax expenses, interest expense, interest income, depreciation and amortization expenses. EBITDA is a Non-GAAP financial measurement. See the section titled “Non-GAAP Financial Measures” for more information about EBITDA.

[2] GMV refers to gross merchandise volume, which is the total value of confirmed orders placed with us and sold through distribution model or drop shipping model where we act as a principal in the transaction regardless of whether the products are delivered or returned, calculated based on the listed prices of the ordered products without taking into consideration any discounts. The total GMV amount (i) includes GMV of products sold by Nanjing Xingmu Biotechnology Co., Ltd., (ii) excludes products sold through consignment model and (iii) excludes the value of services offered by us. GMV is subject to future adjustments (such as refunds) and represents only one measure of the Company’s performance and should not be relied on as an indicator of our financial results, which depend on a variety of factors.

CEO & CFO Quote

Mr. Hao Liang, Boqii’s Founder, Chairman and Chief Executive Officer commented, “Despite persistently pessimistic social expectations and increasingly weak consumption in the first half of fiscal 2025, we have demonstrated our resilience. Our private labels are riding a wave of thriving development, showing the effectiveness of our strategic focus on that area. The number of SKUs for our private labels has increased from 3,088 in the first half of fiscal 2024 to 3,546 in the firt half of fiscal 2025, the revenue share of our private labels increased from 27.5% to 29.0%, and we also saw the gross margin of our private labels rose by 330 basis points from 29.9% to 33.2%. This gives us a strong foundation and we remain energized for the future.”

Ms. Yingzhi (Lisa) Tang, Boqii’s Co-Founder, Co-CEO and CFO commented, “Besides fostering the progress of our private labels, we have implemented cost-saving measures and enhanced efficiency by optimizing our supply chain operations and simplifying our organizational hierarchy in the first half of fiscal 2025. The implementation of these measures has resulted in a reduction of our fulfillment expenses as a percentage of total revenue, from 8.9% in the first half of fiscal 2024 to 7.5% in the first half of fiscal 2025. This reduction has underpinned a positive shift in our post-fulfillment profit margin, which saw an increase from 11.2% to 13.3%. Furthermore, there has been a notable decrease in our sales and marketing expenses by 21.3% and our general and administrative expenses by 22.5%, when compared to the corresponding period in fiscal 2024. These adjustments have collectively contributed to a 21.6% decrease in our net loss. We believe the strengthening of our financial results affirms that our business approach and strategic initiatives are effectively aligned with our goals, and we are committed to generating ongoing value for our consumers and investors alike in the time ahead.”

Fiscal 2025 First Half Financial Results

Total revenues were RMB249.7 million (US$35.6 million), compared to RMB389.4 million for the first half of fiscal 2024. The decrease was a result of our business strategy to focus more on increasing profitability instead of volume of sales.

Revenues

(in millions, except for percentages)

Six Months Ended September 30,

2024

2023

Change

RMB

RMB

%

Product sales

232.7

374.1

(37.8)

•  Boqii Mall

112.5

149.9

(24.9)

•  Third party e-commerce platforms

120.2

224.2

(46.4)

Online marketing and information services and other revenue

17.0

15.3

11.1

Total

249.7

389.4

(35.9)

Gross profit was RMB51.7 million (US$7.4 million), compared to RMB77.9 million for the first half of fiscal 2024.

Gross margin was 20.7%, representing an increase of 70 basis points from 20.0% for the first half of fiscal 2024.

Operating expenses were RMB79.3 million (US$11.3 million), representing a decrease of 29.3% from RMB112.0 million for the first half of fiscal 2024.

Fulfillment expenses were RMB18.6 million (US$2.7 million), representing a decrease of 46.0% from RMB34.5 million for the first half of fiscal 2024, which is primarily due to the decrease in shipping and warehousing expenses, resulting from more utilization of fulfillment centers. Fulfillment expenses as a percentage of total revenues were 7.5%, down from 8.9% for the first half of fiscal 2024.

Sales and marketing expenses were RMB35.8 million (US$5.1 million), representing a decrease of 21.3% from RMB45.4 million for the first half of fiscal 2024. The decrease was primarily due to (i) the decrease in advertising expenses of RMB1.0 million, as a result of cost-saving efforts; (ii) the decrease in third-party commisions of RMB3.2 million as a result of decline in revenues; and (iii) the decrease in staff costs of RMB4.4 million related to the employee layoffs.

General and administrative expenses were RMB24.9 million (US$3.6 million), representing a decrease of 22.5% from RMB32.2 million for the first half of fiscal 2024. The decrease was primarily due to (i) the decrease in professional fees amount to RMB2.1 million, resulting from less financing transactions in the first half of fiscal 2025, (ii) the decrease in allowance for expected credit losses of RMB2.5 million, and (iii) the decrease in staff costs of RMB2.0 million related to the employee layoffs.

Loss from operations was RMB27.0 million (US$3.9 million), representing a decrease of 14.7% from RMB31.7 million for the first half of fiscal 2024.

Net loss was RMB29.6 million (US$4.2 million), representing a decrease of 21.6% from a loss of RMB37.7 million in the first half of fiscal 2024.

EBITDA was a loss of RMB25.0 million (US$3.6 million), representing a decrease of 25.4% from a loss of RMB 33.5 million in the first half of fiscal 2024. See the section titled “Non-GAAP Financial Measures” for more information about EBITDA.

Diluted net loss per share was RMB0.28 (US$0.04), representing a decrease of 46.7% from diluted net loss per share of RMB0.52 for the first half of fiscal 2024.

Total cash and cash equivalents and short-term investments were RMB46.2 million (US$6.6 million) as of September 30, 2024, compared to RMB72.7 million as of March 31, 2024.

About Boqii Holding Limited

Boqii Holding Limited (NYSE American: BQ) is a leading pet-focused platform in China. The Company is the leading online destination for pet products and supplies in China with its broad selection of high-quality products including global leading brands, local emerging brands, and its own private label, Yoken, Mocare and D-cat, offered at competitive prices. The Company’s online sales platforms, including Boqii Mall and its flagship stores on third-party e-commerce platforms, provide customers with convenient access to a wide selection of high-quality pet products and an engaging and personalized shopping experience. The Company’s Boqii Community provides an informative and interactive content platform for users to share their knowledge and love for pets.

Forward Looking Statements

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Further information regarding such risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date hereof, and the Company does not undertake any duty to update such information, except as required under applicable law.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, namely non-GAAP net income/(loss), non-GAAP net loss margin, EBITDA and EBITDA margin, in evaluating its operating results and for financial and operational decision-making purposes. The Company defines (i) non-GAAP net income/(loss) as net income/(loss) excluding fair value change of derivative liabilities and share-based compensation expenses, (ii) non-GAAP net loss margin as non-GAAP net loss as a percentage of total revenues, (iii) EBITDA as net income/(loss) excluding income tax expenses, interest expenses, interest income, depreciation and amortization, and (iv) EBITDA margin as EBITDA as a percentage of total revenues. The Company believes non-GAAP net income/(loss), non-GAAP net loss margin, EBITDA and EBITDA margin enhance investors’ overall understanding of its financial performance and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.

These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP.

The non-GAAP financial measures have limitations as analytical tools. The Company’s non-GAAP financial measures do not reflect all items of income and expense that affect the Company’s operations or not represent the residual cash flow available for discretionary expenditures. These non-GAAP financial measures may not be calculated in the same manner by all companies, and they may not be comparable to other similarly titled measures used by other companies. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company’s performance. For reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of accompanying tables titled “Reconciliation of GAAP and Non-GAAP Results.” The Company encourages investors and others to review its financial information in its entirety and not rely on any single financial measure.

Exchange Rate

This press release contains translations of certain RMB amounts into U.S. dollars (“USD,”or “US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.0176 US$1.00, the exchange rate on September 30, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred to could be converted into USD or RMB, as the case may be, at any particular rate or at all.

For investor inquiries, please contact:

Boqii Holding Limited
Investor Relations
Tel: +86-21-6882-6051
Email: ir@boqii.com

 

BOQII HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for share and per share data, unless otherwise noted)

As of

March 31,

 2024

As of

September 30,

 2024

As of

September 30,

 2024

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

72,722

46,244

6,590

Accounts receivable, net

50,118

47,133

6,716

Inventories, net

55,189

45,122

6,430

Prepayments and other current assets

94,518

110,604

15,762

Amounts due from related parties

5,704

19,692

2,806

Total current assets

278,251

268,795

38,304

Non-current assets:

Property and equipment, net

3,103

3,769

537

Intangible assets

17,910

16,115

2,296

Operating lease right-of-use assets

8,951

6,832

974

Long-term investments

65,887

65,656

9,356

Amounts due from related parties, non-current

5,658

4,464

636

Other non-current asset

3,455

1,718

245

Total non-current assets

104,964

98,554

14,044

Total assets

383,215

367,349

52,348

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ DEFICIT

Current liabilities

Short-term borrowings

15,213

13,138

1,872

Accounts payable

24,279

42,735

6,090

Salary and welfare payable

2,972

2,173

310

Accrued liabilities and other current liabilities

16,667

16,989

2,421

Contract liabilities

1,579

119

17

Operating lease liabilities, current

5,613

5,264

750

Derivative liabilities

5,721

5,721

815

Total current liabilities

72,044

86,139

12,275

Non-current liabilities

Deferred tax liabilities

3,234

2,789

397

Operating lease liabilities, non-current

3,115

1,352

193

Other debts, non-current

43,941

40,727

5,804

Total non-current liabilities

50,290

44,868

6,394

Total liabilities

122,334

131,007

18,669

Mezzanine equity

Redeemable non-controlling interests

7,963

8,372

1,193

Total mezzanine equity

7,963

8,372

1,193

Stockholders’ equity:

Class A ordinary shares

962

962

137

Class B ordinary shares

82

82

12

Additional paid-in capital

3,329,675

3,329,727

474,482

Statutory reserves

3,876

3,876

552

Accumulated other comprehensive loss

(39,478)

(40,430)

(5,761)

Accumulated deficit

(3,060,405)

(3,088,140)

(440,056)

Receivable for issuance of ordinary shares

(16,031)

(10,093)

(1,438)

Total Boqii Holding Limited shareholders’ equity

218,681

195,984

27,928

Non-controlling interests

34,237

31,986

4,558

Total shareholders’ equity

252,918

227,970

32,486

Total liabilities, mezzanine equity and shareholders’ equity

383,215

367,349

52,348

 

BOQII HOLDING LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(All amounts in thousands, except for share and per share data, unless otherwise noted)

 Six Months Ended September 30,

2023

2024

2024

RMB

RMB

US$

Net revenues:

Product sales

374,102

232,713

33,161

Online marketing and information services and other revenue

15,269

16,942

2,414

Total revenues

389,371

249,655

35,575

Total cost of revenue

(311,435)

(197,961)

(28,209)

Gross profit

77,936

51,694

7,366

Operating expenses:

Fulfillment expenses

(34,499)

(18,614)

(2,652)

Sales and marketing expenses

(45,370)

(35,726)

(5,091)

General and administrative expenses

(32,169)

(24,919)

(3,551)

Other income, net

2,401

523

75

Loss from operations

(31,701)

(27,042)

(3,853)

Interest income

2,008

730

104

Interest expense

(3,079)

(3,163)

(451)

Other gain/(losses), net

(2,283)

(447)

(64)

Fair value change of derivative liabilities

(3,216)

–

–

Loss before income tax expenses and share of results of equity investees

(38,271)

(29,922)

(4,264)

Income taxes expenses

482

445

63

Share of results of equity investees

67

(100)

(14)

Net loss

(37,722)

(29,577)

(4,215)

Less: Net loss attributable to the non-controlling interest shareholders

(677)

(2,251)

(321)

Net loss attributable to Boqii Holding Limited

(37,045)

(27,326)

(3,894)

Accretion on redeemable non-controlling interests to redemption value

(371)

(410)

(58)

Net loss attributable to Boqii Holding Limited’s ordinary shareholders

(37,416)

(27,736)

(3,952)

Net loss

(37,722)

(29,577)

(4,215)

Other comprehensive income/(loss):

Foreign currency translation adjustment, net of nil tax

2,849

(952)

(136)

Unrealized securities holding loss

(1,425)

–

–

Total comprehensive loss

(36,298)

(30,529)

(4,351)

Less: Total comprehensive loss attributable to non-controlling interest
   shareholders

(677)

(2,251)

(321)

Total comprehensive loss attributable to Boqii Holding Limited

(35,621)

(28,278)

(4,030)

Net loss attributable to Boqii Holding Limited’s ordinary shareholders

— basic

(0.52)

(0.28)

(0.04)

— diluted

(0.52)

(0.28)

(0.04)

Weighted average number of ordinary shares

— basic

72,332,794

100,637,760

100,637,760

— diluted

72,332,794

100,637,760

100,637,760

 

Boqii Holding Limited

Reconciliation of GAAP and Non-GAAP Results

(All amounts in thousands, except for percentages)

Six Months Ended September 30,

2023

2024

RMB  

RMB  

Net loss

(37,722)

(29,577)

Fair value change of derivative liabilities

3,216

–

Share-based compensation expenses

290

52

Non-GAAP net loss

(34,216)

(29,525)

Non-GAAP net loss margin

(8.8 %)

(11.8 %)

Six Months Ended September 30,

2023

2024

RMB  

RMB  

Net loss

(37,722)

(29,577)

Income tax expenses

(482)

(445)

Interest expenses

3,079

3,163

Interest income

(2,008)

(730)

Depreciation and amortization

3,641

2,617

EBITDA

(33,492)

(24,972)

EBITDA margin

(8.6 %)

(10.0 %)

 

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SOURCE Boqii Holding Limited

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HiBy Launches RS2 II Portable Hi-Fi Player with Flagship DARWIN III Architecture

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LEWES, Del., Oct. 19, 2026 /CNW/ — HiBy has officially launched the RS2 II, a compact portable Hi-Fi player featuring the company’s third-generation DARWIN III audio architecture, the same architecture used in the flagship RS8 II. Designed for audiophiles seeking flagship-level sound in a smaller and more portable form, the RS2 II combines HiBy’s proprietary R2R technology, a fully balanced analog stage, HiByOS, and flexible connectivity.

At the heart of the RS2 II is the DARWIN III architecture, powered by a newly developed FPGA digital engine featuring more than 35K logic units and 40 high-speed, high-performance DSP units. This processing platform provides the computing power required for HiBy’s adjustable pure FIR filters, multiple DARWIN filters, harmonic control, NOS/OS switching, and native DSD processing.

Digital-to-analog conversion is handled by a high-precision R2R resistor network. High-speed electronic switches drive the resistor network to convert digital signals into corresponding analog voltage levels, helping reduce high-frequency noise introduced by digital modulation while delivering a natural, transparent, and musical presentation.

The analog stage uses a four-stage OPA1612 signal chain. One OPA1612 performs low-pass filtering after the DAC stage, another provides current amplification after volume control, while two additional OPA1612 devices form a fully balanced voltage amplification stage. At the headphone output, four flagship-grade OPA1622 amplifiers provide independent four-channel current amplification for improved dynamics, control, and compatibility with multi-driver earphones.

The RS2 II is also more compact than its predecessor. The standard aluminum alloy edition weighs just 156g and features a dark green finish with a houndstooth-pattern rear panel. Compared with the original RS2, the display area has increased by 45% and resolution by 122%. The new 3.55-inch 480 × 800 display, together with narrower bezels, provides a significantly improved visual experience. An upgraded X1600E dual-core platform further enhances system responsiveness.

Running HiBy’s dedicated HiByOS, the RS2 II supports coaxial output, Line Out, and USB DAC functionality. Dual microSD card slots support up to 4TB of total expandable storage.

The HiBy RS2 II Aluminum Alloy Edition is priced at US$439 and is available as a standard production model. The Limited Brass Edition is priced at US$549 and is expected to become available in October, with worldwide production restricted to just 500 units.

Contact
William Yueng
bd@hiby.com

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SOURCE HiBy

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Beyond a Single Payment Rail: Building Resilience into Cross-Border B2B Trade

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At the 140th Canton Fair, PhotonPay examines how fiat and stablecoin infrastructure can give advanced manufacturers more flexibility in managing cross-border payments and working capital.

HONG KONG, Oct. 19, 2026 /PRNewswire/ — A piece of industrial machinery may take months to engineer, manufacture and deliver. The payments behind it follow a different timeline. Suppliers need to be paid, freight costs must be covered, and overseas buyers may settle invoices in stages. When production, delivery and payment span multiple markets, keeping these commitments aligned becomes a challenge of its own.

At the 140th Canton Fair, where manufacturers are showcasing industrial machinery, electronic components, automotive parts and other advanced manufacturing products, this less visible side of global trade deserves closer attention. PhotonPay is participating in the fair at Area D, Booths DT1714–DT1718, examining how more flexible financial infrastructure can help businesses manage cross-border payments alongside the demands of international trade.

The Payment Gap Behind Global Supply Chains

Supply chain resilience is often discussed in terms of sourcing, manufacturing capacity and logistics. The flow of money deserves the same attention.

A manufacturer may have sufficient orders and production capacity but still face pressure when incoming payments and outgoing obligations fall out of sync. A payment initiated by a buyer does not necessarily mean the funds are immediately available to the seller. The transfer may involve multiple financial institutions, currency conversion, local processing and compliance checks before the recipient can use the money.

Costs can also be difficult to assess across different payment corridors. Depending on the banks and arrangements involved, intermediary fees, foreign exchange charges and other transaction costs may affect the final amount received. Limited visibility into a payment’s status can make it harder for finance teams to plan supplier payments and reconcile invoices.

The answer is not to abandon established banking infrastructure. Bank transfers still remain important to international trade. Nor is every payment delayed or expensive simply because it crosses a border. The more useful question is whether businesses have the right payment options for different markets, currencies and settlement requirements, rather than relying on one approach for every transaction.

Why Fiat and Stablecoin Rails Need to Work Together

Discussions about cross-border payments increasingly include stablecoins, but the choice facing corporate finance teams is not simply traditional banking versus blockchain.

Banking infrastructure remains essential. It connects businesses to local accounts, domestic payment systems and established financial relationships. Stablecoin networks offer a different set of capabilities: transfers can take place outside conventional banking hours, subject to the network and service arrangements involved.

Each serves different needs. A stablecoin transfer alone may not put spendable local currency in a supplier’s hands. The recipient’s ability to accept the asset, conversion and liquidity arrangements, access to local payout channels and applicable regulatory requirements all matter. A business also needs to know how a transaction will be screened, recorded and reconciled with its underlying commercial documents.

This is where a dual-rail model becomes relevant. By connecting traditional fiat infrastructure with stablecoin payment channels, a business can access different ways to move funds within a unified financial environment, where supported and permitted.

The choice of payment route should reflect the corridor, currency, counterparty, timing requirements and compliance obligations. For advanced manufacturers, this flexibility can help finance teams coordinate incoming payments with supplier invoices, logistics costs and other business obligations. Foreign exchange exposure, liquidity constraints and compliance reviews still require careful management, while access to different payment rails gives businesses more options to work with.

From Payment Choice to Operational Control

More payment options are useful only when they fit into the way a business operates.

For an exporter, receiving funds is one step in a longer process. The money may need to be converted into another currency, held until a supplier payment is due, or distributed to different counterparties across markets. Managing these steps through disconnected accounts and systems can add work for finance teams and make it harder to maintain a consistent view of cash positions.

PhotonPay, a stablecoin-powered payment operating system, brings together global accounts, local collection capabilities, multi-currency fund management, currency conversion and global payouts across fiat and stablecoin infrastructure.

Through PhotonPay’s global accounts, businesses can collect payments from overseas customers through local accounts and international transfers. Its multi-asset wallet connects fiat currencies with stablecoins, while its 24/7 currency conversion capabilities give businesses greater flexibility in managing different currency needs. Global payout capabilities help businesses move funds onward to suppliers and other counterparties across markets.

Together, these capabilities connect the key stages of cross-border fund management, from receiving customer payments and converting currencies to making subsequent business payments. Finance teams can manage incoming funds and outgoing obligations within a more integrated financial environment, with greater visibility across their global operations.

For B2B trade, operational visibility is as important as the ability to initiate a transfer. Finance teams need to understand the amount received, the costs associated with a transaction, its processing status and how the resulting movement of funds relates to an invoice or supplier payment.

By bringing payment infrastructure and fund management into a more connected workflow, PhotonPay helps businesses manage the movement of money alongside the commercial activity it supports.

Making Money Move at the Pace of Business

Global trade depends on two flows moving in sync: goods moving through supply chains and money moving between counterparties. For manufacturers operating across markets, the ability to collect, convert and deploy funds efficiently can shape how they manage supplier commitments, working capital and the next stage of production.

At the 140th Canton Fair, PhotonPay is showcasing how integrated fiat and stablecoin capabilities can help businesses keep capital moving alongside their operations. Visit PhotonPay at Area D, Booths DT1714–DT1718, during the Canton Fair.

About PhotonPay

PhotonPay is a stablecoin-powered payment operating system built for global infrastructure. Designed for modern enterprises, PhotonPay enables businesses to send, receive, convert, and settle funds across both fiat and stablecoin rails through a single, compliance-first integration, spanning 200+ countries and territories.

For more information, visit [www.photonpay.com].

Disclaimer

This material is for general informational purposes only and does not constitute legal, regulatory, tax, accounting, or investment advice, nor an offer or solicitation for any product or service. The availability, features, and regulatory treatment of PhotonPay’s products and services may vary depending on the user’s location, business model, and the laws and regulations that apply. Any descriptions of functionality, performance, efficiency, cost savings, or compliance support (including, without limitation, references to “real‑time”, “24/7”, “high‑efficiency”, or “compliant” solutions) are aspirational or forward‑looking in nature. Actual outcomes may differ due to market conditions, technological constraints, and regulatory developments, and PhotonPay makes no express or implied representation, warranty, or guarantee as to the achievement of any particular result.

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Following the Money: Stablecoin Transfers Under $100 Account for 77% of Activity, While Large Transactions Move Two-Thirds of Value, Mercuryo and BNB Chain Report Finds

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LONDON, Oct. 19, 2026 /PRNewswire/ — Global payments infrastructure platform Mercuryo and BNB Chain, the community-driven blockchain ecosystem, have published a joint report highlighting the versatility of stablecoins, which facilitate activity ranging from low-value remittances to transactions made by ‘crypto whales’ moving digital assets across capital markets.  

The research found that 77.4% of stablecoin transfers on BNB Chain in Q3 2026 were valued at under $100, while transfers of $10,000 or more accounted for 66.2% of total transfer value.  

Combining Mercuryo’s fiat-to-crypto and crypto-to-fiat transaction data with BNB Chain’s on-chain data for Q3 2026, Stablecoins on BNB Chain: Fiat to Crypto and Back offers a complementary view of how stablecoins move. The findings show the versatility and usability of stablecoins and how they can serve very different purposes on the same permissionless blockchain infrastructure. 

Everyday Transfers & Large-Scale Capital Movements 

The findings point to a market serving multiple purposes simultaneously. While stablecoins remain an important component of digital asset markets, the data also highlights patterns consistent with their growing role in everyday stablecoin payments such as cross-border remittances. Most on-chain transfers are low-value, and stablecoins are frequently being converted between local currencies and digital dollars. 

The median network fee for a stablecoin transfer on BNB Chain was just *$0.0068:Low costs matter both to people sending remittances and to institutions settling high-value payments.Together, these figures demonstrate how the same blockchain infrastructure can accommodate frequent, low-value transfers alongside large-scale movements of capital.

“The research by Mercuryo and BNB Chain sheds light on one of the defining features of stablecoins, that being their versatility,” said Arthur Firstov, Chief Business Officer at Mercuryo. “The same permissionless blockchain infrastructure that facilitates small-value transfers and cross-border payments is underpinning large-scale trading and liquidity across capital markets. Stablecoins were designed as a place to hold value between trades for those taking positions on Bitcoin. We now see the tokens being used for a host of different purposes as the efficiencies and lower costs of blockchain technology bring benefits to the masses.” 

Local Currencies & Familiar Payment Methods  

The report found that in Q3 2026, 70% of the value used to purchase dollar-denominated stablecoins on BNB Chain through Mercuryo was paid in non-US dollar currencies. The US accounted for just 9.8% of purchase value, with Asia the largest regional market at 39.3%, followed by Europe at 33.4%. 

Payment preferences also resemble mainstream online shopping behaviour. Everyday shopping patterns are mirrored on-chain, with Apple Pay and Google Pay accounting for 69.5% of stablecoin purchases and 57.7% of purchase value through Mercuryo. Their combined share of purchases increased from 42.3% in Q3 2025, while 87.2% of purchases with a recorded device were made on a phone.

Worldpay’s Global Payments Report 2026 found that digital wallets collectively accounted for 56% of global e-commerce value in 2025. The comparison suggests that stablecoin purchases are increasingly compatible with the familiar checkout experiences consumers already use online, rather than requiring every user to adopt specialist crypto payment methods. 

Self-Custody Leads

Self-custody leads at every stage of a stablecoin’s usage examined in the report. Through Mercuryo, 59.5% of stablecoin purchase value went to self-custody wallet channels. Across BNB Chain, individual addresses held 63.3% of stablecoin value, while 59.8% of off-ramp value processed through Mercuryo originated from self-custody wallet channels. 

Although the datasets use different measures of wallet activity, the findings point to the continued importance of self-custody wallets in accessing and managing stablecoins. These wallets allow users to hold and transfer assets directly, while providing access to applications and services across the on-chain ecosystem. 

Stablecoins in Active Circulation 

The report also found that 64.3% of stablecoin value on BNB Chain had moved within the previous 30 days, suggesting that much of the value was actively circulating. The findings highlight stablecoins’ dual role, facilitating the movement of value while continuing to support trading, decentralised finance (DeFi) and broader on-chain activity. 

Taken together, the findings of this report show stablecoins as more than digital tokens held on a blockchain. They form part of a broader financial lifecycle connecting fiat currencies, self-custody wallets, on-chain applications, and traditional payment infrastructure, serving a wider range of financial needs than trading alone. 

* Stablecoin transfers on BNB Chain are $0.0068. Additional fees for the purchase, sale or conversion into stablecoins may apply. 

Stablecoins carry risks, including potential loss of value, issuer and redemption risks, and risks associated with the underlying blockchain. They are not equivalent to bank deposits or cash, and are not be covered by deposit protection schemes. 

About Mercuryo 

Mercuryo is a leading payment infrastructure platform in the digital token space. Standing out in the decentralized ecosystem by enhancing payment use case growth and on-chain integration, Mercuryo’s intuitive and robust solutions are powering the next generation of Web3 payment services. Mercuryo’s innovative payment products such as Spend, bridge the gap between TradFi, Web2 and Web3. Mercuryo is the proud partner of leading pillars in the digital token economy such as Trust Wallet and MetaMask, along with Revolut, Mastercard and Visa. Driven by an evolving product suite, Mercuryo is expanding further and continuing to innovate with a diversified stack of payment services. 

Media Contact    
Joe Morgan, PR Manager, Mercuryo    
j.morgan@mercuryo.io  

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