Chief executive Torab Torabi said Movement is relaunching from an Ethereum Layer 2 into a Layer 1 focused on stablecoin remittances, combining blockchain settlement rails with licensed payment partners for emerging markets.
Movement has relaunched as a standalone Layer 1 blockchain focused on stablecoin payments and remittances in emerging markets, shifting away from its earlier Ethereum Layer 2 design after a 2025 token scandal that led to the removal of co-founder Rushi Manche. Chief executive Torab Torabi said the project is targeting the roughly $685 billion remittance market serving low- and middle-income countries by combining blockchain settlement rails with licensed payment partners and payment infrastructure across the United States, Canada, and the European Union. The new network runs its own validator set and targets settlement times below 500 milliseconds, versus about seven seconds on the prior architecture. Move Industries, which took over core development, said it has partnerships with Circle, KAST, Sorted, Oro, Yuzu Money, and Zoth, while Circle said in March 2026 that it launched USDCx as a natively issued stablecoin on Movement for payments, treasury, and savings products. The relaunch also included a financial restructuring, including a token repurchase by the Movement Network Foundation, following a Binance investigation into a $38 million sell-off involving 66 million MOVE tokens. According to CoinMarketCap, MOVE recently traded around $0.014, down more than 99% from its December 2024 peak of $1.45.