India is the world’s largest remittance corridor, valued at $125B annually, and home to a digital service economy worth $350B+. Yet, this financial landscape is uniquely complex, shaped by strict capital controls and the critical absence of regulated stablecoin liquidity. As stablecoins like USDC and EURC gain global adoption, global companies increasingly wish to pay in stablecoins, while Indian recipients require INR payouts.

Stablpay is building the interoperable layer between regulated stablecoins and the Indian Rupee (INR). We provide compliant access to on/off-ramps and cross-border payment APIs for fintechs, remittance platforms, and Web3 businesses.

Using the Stellar Network, Stablpay powers the compliant fiat-to-stablecoin conversion, wallet provisioning, and settlement APIs integrated directly with India’s banking and UPI systems.

This Build round will establish the compliant stablecoin-to-INR payment rail that aligns with the requirements of India's Financial Intelligence Unit (FIU-IND), the central national agency for AML/CFT, and other VASP regulations. This foundation will support USDC, EURC, and other regulated assets, enabling faster, cheaper, and fully transparent financial access powered by Stellar.

Below are the key products and services being developed to advance our mission of building compliant stablecoin infrastructure on Stellar.

1. Compliant Wallet Infrastructure

   • Description: Enable users and partners to create and manage wallets for USDC and other Stellar-based stablecoins, integrated with KYC/AML verification.

   • Stellar Utilization: Built using Stellar SDKs and Horizon APIs, leveraging native asset issuance and multi-signature features for secure wallet provisioning.

   • Impact: Delivers a compliant, user-friendly wallet layer that supports multiple regulated assets and expands stablecoin liquidity on Stellar.

2. Instant Fiat-to-Stablecoin On-Ramp

   • Description: Allow users to generate payment links or QR codes for fiat-to-stablecoin transfers, instantly crediting the recipient’s Stellar wallet.

   • Stellar Utilization: Implements SEP-24 interactive flows for deposits and SEP-12 for secure KYC data exchange between Anchors.

   • Impact: Simplifies on-ramp access, increases interoperability for non-users, and promotes broader adoption through easy fiat entry points.

3. Regulated Stablecoin-to-INR Off-Ramp

   • Description: Facilitate seamless conversion between stablecoins (USDC, EURC, RLUSD) and INR through integrated banking and UPI partners.

   • Stellar Utilization: Uses Anchors, Path Payments, and SEP-6 (Deposit/Withdrawal) to execute compliant fiat–crypto conversions and ensure liquidity provision.

   • Impact: Improves liquidity and transaction efficiency, enabling instant and regulated settlements for users and fintech partners.

4. B2B Payments & Invoicing Suite

   • Description: Offer invoicing and payment tools for SMEs, exporters, and freelancers to receive stablecoin payments and auto-settle in INR.

   • Stellar Utilization: Leverages SEP-31 (Cross-Border Payments) and Horizon APIs for transparent, low-cost settlement tracking.

   • Impact: Expands Stellar’s enterprise adoption in India’s $350B digital-services economy and enables compliant B2B stablecoin settlement.

5. Ecosystem Payment Gateway Widget

   • Description: Provide a web-based widget allowing anyone to send fiat or stablecoins directly to a Stablpay wallet, with instant INR conversion.

   • Stellar Utilization: Powered by Stellar’s native payment operations and SEP-24 flows for fast, affordable fiat conversion.

   • Impact: Increases accessibility for e-commerce, payroll, and remittance use cases without requiring app downloads, widening Stellar’s reach.

6. INR Anchor & Regulatory Reporting API

   • Description: Serve as the regulated liquidity and compliance provider for INR on/off-ramps, offering an API suite that automates KYC/KYB onboarding, transaction monitoring, FIU-IND reporting, and real-time liquidity management. This forms the operational backbone of Stablpay’s INR Anchor services.

   • Stellar Utilisation: Fully implements SEP-6 (Deposit/Withdrawal) and SEP-12 (KYC Data Transmission), integrating with Horizon for automated transaction data streaming and compliance reporting.

   • Impact: Provides the regulated foundation required for all fiat-stablecoin conversions on Stellar, reducing integration friction for fintechs and establishing Stablpay as the first compliant INR liquidity gateway in the Stellar ecosystem.

7. Stellar Ecosystem Proposal (SEP) Alignment

   • Description: Align Stablpay’s codebase with Stellar Ecosystem Proposals (SEPs 6, 10, 12, 24, 31) to ensure interoperability and compliance automation.

   • Stellar Utilization: Standardizes authentication (SEP-10), KYC (SEP-12), and cross-border payment handling (SEP-31) for seamless integration with anchors.

   • Impact: Ensures regulatory readiness, improves ecosystem compatibility, and positions Stablpay as Stellar’s compliant INR anchor and payment gateway.

8. Cross-Network Interoperability Module

   • Description: Develop a cross-network interoperability module linking Stellar-based stablecoins (USDC, EURC) with Ripple’s RLUSD and Circle’s APIs, enabling multi-chain liquidity and settlements.

   • Stellar Utilization: Utilizes Stellar Anchors, Path Payments, and asset transfer protocols to route compliant transactions across networks.

   • Impact: Establishes Stablpay as the interoperable bridge for regulated stablecoins, allowing fintechs to move liquidity between Stellar, XRPL, and Circle ecosystems under a unified compliance framework — solidifying Stellar’s role at the center of regulated stablecoin adoption.

Maybe in the future, but not in this submission

$129.1K

Partner & Anchor Integration

• Onboard 5 design partners (fintechs, VDA SPs, and payment platforms) within 6 months of mainnet.

• Secure $5 M+ in committed stablecoin and INR liquidity routed through the Stablpay Anchor by month 9.

• Achieve 3 live Stellar-based integrations (wallets, DApps, or protocols) beyond initial partner set.

Rationale: Demonstrates ecosystem adoption and liquidity depth within the Stellar network.

Transaction Volume & Enterprise Utility

• Process $5 M+ in compliant USDC/EURC ↔ INR settlements within 6 months of launch.

• Achieve 40 % lower average transaction costs than bank/remittance corridors.

• Maintain API response time < 250 ms for compliance and path-payment operations.

Rationale: Confirms product-market fit and economic efficiency for partners using Stellar rails.

Regulatory Readiness & Compliance Authority

• Obtain FIU-IND (VDA SP) registration within 6 months of grant completion.

• Ensure 100 % of partner transactions use Stablpay’s SEP-12 KYC and internal AML APIs.

• Pass two independent audits with zero critical findings.

Rationale: Positions Stablpay as the first fully regulated, market-accessible INR Anchor on Stellar, unlocking billions in new liquidity for cross-border settlement in the world’s largest remittance market.

Technical Stability & Scalability

• Maintain 99.99 % uptime for Anchor and SEP-6 APIs.

• Achieve end-to-end finality < 10 s (Stablecoin → INR bank payout).

• Handle 2× traffic spikes in 24 hours with no degradation.

Rationale: Enterprise-grade reliability ensures trust from financial partners.

Developer & Ecosystem Engagement

• Onboard 100+ developers via API documentation portal in year 1.

• Release 3 open-source Stellar SEP SDKs (JS, Python, Node).

• Host 2 ecosystem hackathons or workshops on regulated on/off-ramps.

Rationale: Fosters organic growth and innovation within the Stellar ecosystem, leveraging the developer community to build new compliant applications on the Stablpay rail.

Liquidity Infrastructure & Growth Capacity

• Enable real-time liquidity management through treasury APIs.

• Support 1,000+ concurrent transactions at peak load.

• Scale to 50 % partner growth without infrastructure refactor.

Rationale: Confirms enterprise-grade capacity for dynamic load management and proactive liquidity risk mitigation, essential for high-volume B2B financial services.

Ecosystem Impact on Stellar

• Launch USDC and EURC ↔ INR corridor as Stellar’s first FIU-IND-aligned rail.

• Facilitate $10 M+ cumulative volume in Stellar-based assets within year 1.

• Establish 3 strategic collaborations with other Stellar anchors or wallets.

Rationale: Expands Stellar’s regulated liquidity footprint in India, one of the world’s largest payment markets, establishing the foundational infrastructure to capture a projected 5% of the annual digital service economy over five years.

Content & Thought Leadership (Authority Building)

Objective: Establish Stablpay as the regulatory and technical authority for stablecoin adoption in India’s cross-border corridor.

• Publish technical and compliance articles (LinkedIn, target industry newsletters, Stablpay Blog) on FIU-IND requirements, PMLA obligations, and Stellar SEPs (6/12/24).

• Release technical whitepapers and case studies demonstrating integration of the Stablpay Anchor API and regulatory automation.

• Host monthly webinars and compliance roundtables for Compliance Officers and Treasury Heads (e.g., “Zero-Risk Stablecoin Settlement: FIU-IND Alignment and Automated Reporting”).

Goal: Position Stablpay as the go-to compliance partner for fintechs and anchors building on Stellar.

Technical Sales & Direct Partner Acquisition

Objective: Secure early integrations with regulated fintechs, remittance players, and Web3 platforms through technical validation and compliance trust.

• Deploy an Account-Based Marketing (ABM) strategy targeting 15 top enterprise accounts (Indian VDA SPs, PSPs, and global stablecoin issuers).

• Offer Proof-of-Concept (PoC) integrations on the Stellar Testnet with dedicated engineering support.

• Launch a public API Sandbox with clear SEP documentation and compliance flow demos to minimize partner onboarding friction.

• Participate in APAC Fintech and Regulatory Forums (India FinTech Festival, Stellar Meridian) to engage directly with compliance and product decision-makers.

Goal: Convert 5–10 anchor-level partners by mainnet launch, validating enterprise readiness and Stellar alignment.

Ecosystem & Developer Network Strategy

Objective: Drive organic integration and innovation through Stellar’s developer and anchor ecosystem.

• Release three open-source SDKs (Python, Node.js, JS) aligned with Stellar SEPs for interaction with Stablpay’s INR Anchor.

• Launch developer bounties for building compliant applications and custom API connectors.

• Host two annual Stellar DevRel workshops or hackathons focused on regulated on/off-ramps and Path Payments.

• Establish co-marketing and technical collaborations with other Stellar Anchors and wallets for cross-anchor liquidity and interoperability.

Goal: Create a network of 100+ developers and 3 Stellar-native integrations within the first year.

Phased Rollout & Milestone Alignment

Objective: Sequence GTM execution in line with regulatory and liquidity milestones to ensure sustainable, compliant growth.

Phase 1 – Validation & Regulatory Pre-Filing (Q4 2025 – Q1 2026):

• Focus on ABM outreach, compliance webinar series, and a soft launch of the API Sandbox.

• Target onboarding five design partners and finalizing FIU-IND documentation for regulatory submission.

Phase 2 – Mainnet Launch & FIU-IND Pending (Q2 – Q3 2026):

• Official mainnet launch announcement with three live partner integrations and release of open-source SDKs.

• Target $5 million+ transaction volume within six months and 100 percent SEP-12 KYC utilization across all transactions.

Phase 3 – Growth & Post-FIU-IND (Q4 2026 onward):

• Post-registration, focus on scaling liquidity capacity, expanding partner integrations to second-tier fintechs, and running developer bounties for new ecosystem use cases.

• Aim for $10 million+ cumulative volume and at least three cross-anchor integrations within 12 months of full regulatory approval.

Goal: Establish Stablpay as Stellar’s first FIU-IND-aligned stablecoin-to-INR rail and the foundational liquidity layer for compliant stablecoin adoption in India.

Stablpay's core mission addresses the highest-friction point in India's digital economy: the absence of a licensed and compliant rail for stablecoin settlement. We identified that the primary barrier for major fintechs and Web3 platforms is not technical, but regulatory risk and complexity. To address this, we began building Stablpay’s compliant stablecoin-to-INR infrastructure in 2024. Through partnerships, grants, and active community engagement, we have achieved measurable validation across product, ecosystem, and regulatory fronts.

Ecosystem & Funding Validation

• Core Strategic Investment: Selected for the Draper U × Stellar Embark Program (2025), securing investment from both Draper University Ventures and the Stellar Development Foundation (SDF) — validating our technical architecture and strategic role in bringing regulated payments to Stellar.

  • Draper U × Stellar Program Announcement

  • Founder Participation – Aditi Halder

• Non-dilutive Funding Support: Awarded a $150K grant from Ripple’s XRPL Accelerator (Tenity, 2024).

  • Tenity XRPL Program Announcement

• Ecosystem Recognition: Accepted into the Circle Alliance Program (2024), with Stablpay listed as a partner supporting compliant USDC and EURC adoption across regulated markets like India.

  • Listing of Stablpay Circle Alliance Partner

• Regulatory Pathway: FIU-IND registration initiated under India’s Virtual Digital Asset Service Provider (VDA SP) framework, with compliance counsel engaged for onboarding documentation.

Product and traction validation

• MVP Built: Core modules for wallet provisioning, KYC onboarding, and fiat-to-stablecoin conversion are live in controlled pilots.

• Integrations Live:

  • Sumsub for KYC/AML verification.

  • Circle Programmable Wallets API for custody and issuance.

  • RLUSD and USDC liquidity integrations tested with third-party liquidity partners.

• Transaction Validation:

  • Processed over $2 million in live settlement volume through pilot integrations with liquidity partners.

  • Demonstrated reliable KYC, transaction monitoring, and reconciliation workflows, validating real market demand for compliant on/off-ramps.

• Next Phase: Preparing Stellar Testnet integration for USDC and EURC under SEP-6/12 compliance.

User & Partner Validation

• Design Partners: Engaged with five fintech and Web3 payment platforms representing $30–40 million in combined monthly cross-border volume, committed to integrating once our FIU-IND-aligned rail is live.

• Beta Access Waitlist: 5+ additional partners and developers registered for early access to Stablpay’s API and SDK suite.

• Community Involvement: Active participant in the Tenity, Ripple, and Stellar ecosystems, contributing to sessions and discussions on compliance frameworks, on/off-ramp design, and interoperability standards.

Next Steps & Growth Metrics

• Q1 2026: Launch Stellar Testnet integration for USDC and EURC.

• Q2 2026: Onboard atleast 5 design partners and 1,000+ wallets in beta.

• Q3 2026: Process $1M+ in mainnet volume within 90 days of launch.

• Maintain 99.9 % uptime and sub-5 s transaction finality on Stellar. review.

Transaction verification: A detailed sheet with transaction hex references is attached for proof of volume in this sheet.

Figma Link for designs: https://www.figma.com/design/3tduUODYZs35MXvYmKv1GD/Product?node-id=0-1&t=5xhFPN3BqgqhUY2J-1

Testnet Demo Link: http://104.155.178.107:3000/home

The granular Milestone-Based Budget and Deliverables for this project are outlined in the attached document.

This tranche establishes the secure, compliant, and high-availability technical foundation required to operate as a regulated financial institution on Stellar.

[M1.1] SEP-6 & SEP-24 API Implementation

Description of Deliverables / Scope of Work:

• Develop and fully test all endpoints for compliant Stellar deposit and withdrawal (on/off-ramp) flows.

How to Measure Completion:

• 100 % test coverage on all /info, /deposit, /withdraw, and /transaction endpoints. Successful live test transaction (on-ramp and off-ramp) in a staging environment.

Estimated Duration: 4 weeks

Required Budget: $9,100.00

[M1.2] SEP-12 (KYC) & AML Integration

Description of Deliverables / Scope of Work:

• Integrate Stablpay’s internal KYC and AML APIs (including OFAC/Sanctions checks) and ensure 100 % partner usage via SEP-12.

How to Measure Completion:

• SEP-12 /customer API passes all validator checks. Successful KYC screening of 10 test users against PEP and sanctions lists.

Estimated Duration: 3 weeks

Required Budget: $6,825.00

[M1.3] Core Liquidity & Treasury API

Description of Deliverables / Scope of Work:

• Build real-time treasury APIs for dynamic management of INR and stablecoin reserves and automated settlement processes.

How to Measure Completion:

• API endpoints allow for real-time balance checks (bank and Stellar wallets). Automated trigger confirmed to execute liquidity transfer when INR reserves fall below a threshold.

Estimated Duration: 4 weeks

Required Budget: $9,100.00

[M1.4] Web Service Deployment & Uptime (99.99 %) Setup

Description of Deliverables / Scope of Work:

• Set up redundant cloud infrastructure to guarantee 99.99 % uptime and enable live monitoring.

How to Measure Completion:

• Monitoring (Prometheus/Grafana) reports 99.99 % availability for seven consecutive days; failover mechanism successfully tested.

Estimated Duration: 2 weeks

Required Budget: $4,550.00

[M1.5 a/b] Partner Dashboard Development & Design

Description of Deliverables / Scope of Work:

• Design and build a React-based dashboard for liquidity management, KYC overview, and transaction tracking, supported by high-fidelity Figma mockups.

How to Measure Completion:

• Approved Figma screens for Liquidity Management and Transaction History; dashboard renders live wallet and transaction data from staging APIs.

Estimated Duration: 4 weeks

Required Budget: $15,900.00

This phase focuses on core product innovation, performance optimization, and developer enablement, preparing the system for external audit.

[M2.1] Automated Path-Payment & Rate Engine (Backend)

Description of Deliverables / Scope of Work:

• Develop logic for optimal conversion paths between stablecoins and INR using Stellar Path Payments; integrate live rate APIs and liquidity simulations.

How to Measure Completion:

• Path-payment API executes 10 multi-hop transactions on Testnet; 40 % cost reduction verified in simulation logs.

Estimated Duration: 4 weeks

Required Budget: $9,100.00

[M2.2] API Response Time Optimization & Load Testing

Description of Deliverables / Scope of Work:

• Profile and optimize core APIs to sustain sub-250 ms latency under 100 concurrent sessions; conduct functional and load testing.

How to Measure Completion:

• Load test confirms < 250 ms response for top 5 endpoints under full load.

Estimated Duration: 2 weeks

Required Budget: $4,550.00

[M2.3] Developer API Portal & Sandbox Environment (Backend)

Description of Deliverables / Scope of Work:

• Build public API documentation (Swagger/Postman) and a Testnet sandbox to simulate SEP-6/12/24 flows for developers.

How to Measure Completion:

• Sandbox live; developers complete full KYC → Deposit → Withdraw cycle successfully.

Estimated Duration: 3 weeks

Required Budget: $6,825.00

[M2.4 a/b] Partner Client App (Beta) Development & Design

Description of Deliverables / Scope of Work:

• Develop a client-facing web + mobile interface to simulate partner flows (on-ramp, wallet activation, KYC verification, off-ramp), paired with high-fidelity Figma prototypes.

How to Measure Completion:

• Partners complete full simulated transaction flow on Testnet with confirmed success. Final designs approved.

Estimated Duration: 4 weeks

Required Budget: $15,900.00

[M2.5] Testnet QA & Internal Audit Readiness

Description of Deliverables / Scope of Work:

• Conduct functional, performance, and security QA across all integrated SEP endpoints; compile compliance logs and test reports.

How to Measure Completion:

• Formal Testnet release with zero high-severity bugs; QA and audit report submitted.

Estimated Duration: 2 weeks

Required Budget: $3,600.00

This final tranche is focused on Mainnet deployment, regulatory alignment FIU-IND readiness, scaling for growth, and building out the developer ecosystem.

[M3.1] Mainnet Integration & Deployment (SEPs 6, 12, 24)

Description of Deliverables / Scope of Work:

• Finalize and deploy all Anchor APIs on Stellar Mainnet; integrate Regulatory Reporting API for live on/off-ramp settlements.

How to Measure Completion:

• First Stablecoin → INR conversion successfully settled on Mainnet; uptime ≥ 99.9 % over seven days.

Estimated Duration: 4 weeks

Required Budget: $7,800.00

[M3.2] Cross-Network Interoperability Module

Description of Deliverables / Scope of Work:

• Develop API bridge for liquidity routing between Stellar (USDC/EURC) and other stablecoin networks (e.g., Ripple RLUSD).

How to Measure Completion:

• Cross-network transaction verified; multi-asset liquidity logs validated.

Estimated Duration: 2 weeks

Required Budget: $3,900.00

[M3.3 a/b] Client App (Full Release) Development & Design

Description of Deliverables / Scope of Work:

• Convert Beta App into production-ready client tool with Mainnet APIs, analytics dashboard, and finalized design system.

How to Measure Completion:

• Partners complete live Mainnet transactions; approved design system matches production UI 1:1.

Estimated Duration: 3 weeks

Required Budget: $13,050.00 (Frontend $5,850 + Design $7,200)

[M3.4] Open-Source SDK (JS & Node) Release & Developer Portal Update

Description of Deliverables / Scope of Work:

• Create and publish two SDKs with sample apps and integration tutorials for developers connecting to Stablpay’s INR Anchor.

How to Measure Completion:

• SDKs published on npm; example apps complete full SEP-12 flow using each SDK.

Estimated Duration: 3 weeks

Required Budget: $5,850.00

[M3.5] Performance & Scalability Optimization

Description of Deliverables / Scope of Work:

• Load-test backend to support 1 000 + concurrent transactions; refactor caching and scaling layers to handle 2× traffic spikes.

How to Measure Completion:

• Load-test report shows < 1 % error rate and no latency degradation.

Estimated Duration: 3 weeks

Required Budget: $5,850.00

[M3.6] Ecosystem Release & Final QA

Description of Deliverables / Scope of Work:

• Launch public developer portal with documentation, sample integrations, and conduct final security QA before public release.

How to Measure Completion:

• Portal live and accessible; QA report shows zero critical vulnerabilities.

Estimated Duration: 4 weeks

Required Budget: $7,200.00

Together, these tranches deliver the complete product lifecycle, from regulatory-grade infrastructure to enterprise partner validation and Mainnet scalability, positioning Stablpay as the compliant INR Anchor and interoperability layer for Stellar’s regulated stablecoin ecosystem.

We are a team of 7 with expertise in payments, blockchain, and emerging markets, focused on solving cross-border payment challenges. Our team combines deep knowledge in compliance, blockchain technology, and platform development to build scalable solutions that address the complexities of global payments.