How it works Architecture Travel Rule Smart Swap\n Yield Regulation Business About Disclaimer Live Demo
Settlement ~2s Gas ~$0.003 Smart Swap Cashback up to ~0.3%/tx Travel Rule Zero-threshold · TFR 2023/1113 Network Polygon PoS MiCA CASP-authorised EMTs PSD3/PSR Technical service provider model BUSL-1.1 © Hasret Ozan Sevim Settlement ~2s Gas ~$0.003 Smart Swap Cashback up to ~0.3%/tx Travel Rule Zero-threshold · TFR 2023/1113 Network Polygon PoS MiCA CASP-authorised EMTs PSD3/PSR Technical service provider model BUSL-1.1 © Hasret Ozan Sevim
Pilot Portfolio · April 2026

The Smart Swap Card
for the Neobank Age

Pay with any MiCA-authorised stablecoin. Earn Smart Swap cashback on every transaction.
MiCA-compliant · Travel Rule ready · DORA-aligned from day one.

Live Demo GitHub Repository
$310B
Stablecoin Payments TAM (2027)
0.3%
Smart Swap cashback (avg/tx)
~2s
Settlement Time (Polygon PoS)
€6.1M
Year 3 ARR (projected)
€0
Travel Rule threshold (EU)
How it works

From Card Tap to
On-Chain Settlement

StediPay implements the stablecoin sandwich model recognised by the BIS and ECB — a fiat on-ramp, an on-chain settlement layer, and a fiat off-ramp — with EU Travel Rule compliance and KYC/AML embedded at every handoff.

01 / INITIATION
Card tap at POS terminal
Standard ISO 8583 contactless or chip authorisation. Zero UX change for the user. Neobank BaaS issuer holds PSD3/PSR payment institution licence.
ISO 8583 · PSD3/PSR Art. 2
02 / COMPLIANCE
KYC/AML + Travel Rule assembly
Travel Rule Module assembles IVMS101 originator data packet (TFR Reg. EU 2023/1113 — zero threshold). Compliance Module screens via a KYT MODEL. Unhosted wallet ownership verified via cryptographic signature (EBA/GL/2024/11 §8).
TFR 2023/1113 · EBA/GL/2024/11
03 / ROUTING
AI Agent route selection
Rules-bound AI Agent selects optimal chain within its permission boundary. Polygon PoS for payments (≈2s, ≈$0.003 gas); Ethereum L1 batch for settlement. A primary multi-chain bridge and a fallback multi-chain bridge are deployed.
ERC-4337 Smart Account
04 / SETTLEMENT
EURC transfer + Travel Rule packet
EURC transfer executes on-chain. Travel Rule data packet transmitted simultaneously to beneficiary CASP (TFR Art. 14). SHA-256 hash logged on-chain via StediPayTravelRule.sol for immutable audit.
ERC-20 · TFR Art. 14–16
05 / RECONCILIATION
Off-chain ledger sync + logging
Reconciliation API updates the core banking ledger. DORA ICT event log updated (Art. 17). CARF reporting record created for tax transparency compliance (EU 2026–2027).
DORA 2022/2554 · CARF 2026
06 / YIELD
Reserve deployment to DeFi
Residual balance above 15% liquidity buffer deployed to AAVE v3 / Spark via ERC-4626 Vault. Yield accounting strictly separate from MiCA Art. 48 regulatory reserve. 70% to user cashback; 30% protocol revenue.
ERC-4626 · MiCA Art. 48 separation
Technical architecture

Five Layers.
The Stablecoin Sandwich.

Based on the BIS/ECB stablecoin sandwich model: fiat on-ramp → on-chain orchestration → fiat off-ramp, with KYC/AML and Travel Rule data flowing through every layer.

User
Card App
Web3 Wallet
ERC-4337
NFC / Phone
Neobank
BaaS Issuer
KYC / CDD
PSD3/PSR
MiCA CASP
StediPay
SDK · AI Agent
Travel Rule
Reserve Mgr
Off-Ramp GW
DORA Log
On/Off-Ramp
On-ramp liq.
Off-ramp liq.
Wallet/Custody
Travel Rule
Reporting
Blockchain
Polygon PoS
Ethereum L1
A Multi-Chain Bridge
Curve
ERC-4626
Smart Contracts
StediPayRegistry.sol
StediPayAccount.sol
StediPayAgent.sol
StediPayVault.sol
StediPayBridge.sol
StediPayTravelRule.sol
Standards
ERC-20 (EURC/USDC)
ERC-4337 (accounts)
ERC-4626 (yield vault)
AML / Travel Rule
TFR Reg. EU 2023/1113
IVMS101 data standard
A KYT Model
CASP messaging
EBA/GL/2024/11
Travel Rule & AML compliance

EU Travel Rule:
Zero-Threshold Compliance

Reg. EU 2023/1113 — in force since 30 December 2024 — requires full originator and beneficiary data on every crypto-asset transfer between CASPs, with no minimum threshold. This is stricter than FATF's €1,000 standard. StediPay builds Travel Rule compliance directly into its settlement flow.

Originator Data (TFR Art. 14)

Full legal name of originator (as on government ID)
Distributed ledger address (on-chain wallet address)
Crypto-asset account number (if applicable)
Postal address OR national ID OR date+place of birth OR LEI

Beneficiary Data (TFR Art. 15)

Full legal name of beneficiary
Distributed ledger address
Crypto-asset account number (if applicable)

Unhosted Wallets (EBA/GL/2024/11 §8)

When the beneficiary is self-custodied, StediPay must verify wallet ownership. Self-declaration alone is not sufficient (FMA Austria, Dec 2025).

Cryptographic signature — user signs a challenge message with the private key
Micro-transfer verification — small test transaction to confirm control
Other suitable technical means per EBA/GL/2024/11 §83

StediPay Travel Rule Stack

IVMS101 — CASP-to-CASP data format
A related service provider compatible messaging
Zero threshold — every CASP-to-CASP transfer
On-chain hash record via StediPayTravelRule.sol
Smart Swap Engine — new

Capture the Spread.
Every Time You Pay.

At the moment of every card payment, the Smart Swap Engine scans real-time prices of all MiCA-authorised euro-pegged stablecoins across whitelisted liquidity pools. If a price improvement exists — even a temporary 0.1% pool imbalance — the engine executes an atomic swap and credits the surplus to your balance as instant cashback. If no profitable route exists, the swap never happens. Your payment is never at risk.

Legal framing: this is a best-execution service under MiCA Art. 78 — a price improvement on a transaction, not interest on a balance. MiCA's Art. 40/50 interest prohibition applies to issuer-paid yield on holding time, not to exchange price improvements. Only MiCA-authorised EMTs from the user's chosen issuer whitelist are used.

01 / SCAN
Real-time pool scan
At payment time, the engine queries Uniswap and Curve pools on Polygon PoS for live prices of all whitelisted MiCA-authorised EMTs pegged to the same currency.
Uniswap · Curve · Polygon
02 / COMPARE
Best spread selection
Engine compares all available EMT pairs (e.g. EURC vs EUROe vs EURCV). Spread must exceed 0.05% minimum threshold to cover gas. Best route is selected atomically.
Min. 0.05% spread threshold
03 / SWAP
Atomic flash swap
If a profitable route is found, the engine executes an atomic swap. If the swap result is negative at any step, it reverts completely — the user's payment proceeds in the original EMT with zero loss.
Atomic · auto-revert
04 / CASHBACK
Instant cashback credit
The net spread surplus (after gas) is credited to the user's StediPay balance instantly. 80% to user, 20% to protocol. Average cashback ~0.05–0.30% per transaction depending on market conditions.
80% to user · MiCA Art. 78
MiCA-authorised EMT whitelist — user-configurable
EURC
Circle Europe S.A.S.
EMI licence — France (ACPR) · EUR peg · Largest EU EMT by volume · Default enabled
EURCV
Société Générale–Forge
Credit institution — France · EUR peg · Traditional bank-issued EMT · Default enabled
EUROe
Membrane Finance Oy
EMI licence — Finland (Finanssivalvonta) · EUR peg · Default enabled
EURQ
Quantoz Payments B.V.
EMI licence — Netherlands (DNB) · EUR peg · Optional
USDC
Circle Internet Financial
EMI licence — France (ACPR) · USD peg · For USD-leg settlements · Optional
Non-compliant tokens permanently excluded:
USDT (not MiCA-authorised) · DAI · FRAX · PYUSD · all non-ESMA-registered tokens
Per ESMA statement 17 Jan 2025 · MiCA Art. 45
Risk Controls
Whitelist-only: Only MiCA-authorised EMTs from the ESMA registry. Non-compliant tokens blocked at contract level.
Atomic revert: If any step produces a loss, the entire swap reverts. Payment proceeds in original EMT.
Min. spread 0.05%: Below this threshold no swap is attempted — gas cost would exceed gain.
Max slippage 0.1%: Tight slippage tolerance on Uniswap concentrated liquidity stable pools.
User-configurable limits: Default €500/tx, €2,000/day max swap size. Adjustable by user.
Opt-out always available: Users can disable the Swap Engine. Plain EURC settlement is always the fallback.
Reserve yield farming

Every Idle Euro
Working for You

AI agent allocates reserve balances across three DeFi protocols, rebalancing daily. Yield reserves are kept strictly separate from the EMT issuer's MiCA Art. 48 regulatory reserve.

AAVE v3
EURC/USDC supply · instant withdrawal
~4.8%
50% allocation
Spark Protocol
DAI Savings Rate (DSR) · MakerDAO
~5.2%
20% allocation
Uniswap LP
USDC/USDT · 0.01% fee tier
~3.1%
15% allocation
Liquidity Buffer
On-chain EURC · zero latency
0.00%
15% allocation
Yield Distribution
70%
To user
as cashback
30%
Protocol
revenue
Blended APY: ~4.6%
User cashback: ~3.2% effective
Rebalancing: Daily by AI Agent
Vault standard: ERC-4626
MiCA reserve: Strictly segregated (Art. 48)
EU regulatory matrix · April 2026

Compliance
By Design

StediPay's regulatory architecture reflects the EU's current legal landscape — MiCA in force, TFR zero-threshold Travel Rule active, PSD3/PSR agreed, DORA live, AI Act high-risk provisions approaching. Analysis by Hasret Ozan Sevim. Not legal advice.

In force — Designed-compliant
MiCA (Reg. EU 2023/1114)
EURC and USDC are MiCA-authorised EMTs. StediPay operates as technical service provider under BaaS partner's CASP authorisation. Transitional periods expire 1 Jul 2026.
In force — Implemented
TFR / Travel Rule (Reg. EU 2023/1113)
Zero-threshold compliance. IVMS101 originator/beneficiary data on every CASP-to-CASP transfer. Unhosted wallet verification per EBA/GL/2024/11. Cryptographic proof required.
In force — Designed-compliant
DORA (Reg. EU 2022/2554)
In force since 17 Jan 2025. StediPay is a critical ICT TPSP. ICT risk register, incident logging, DORA contractual clauses for LLM inference providers. Resilience testing roadmap documented.
Agreement reached — applying ~late 2027
PSD3 / PSR (agreed 27 Nov 2025)
EBA Opinion (12 Feb 2026): dual-auth requirement from 2 Mar 2026. BaaS partner model mitigates risk. PSD3 introduces simplified CASP→PSP authorisation pathway.
In force — High-risk assessment required
AI Act (Reg. EU 2024/1689)
High-risk provisions apply from 2 Aug 2026. AI Agent likely qualifies as high-risk (Annex III §5(b)). Conformity assessment, human oversight mechanism, and EU AI database registration required before commercial deployment.
Operational Jul 2025 — Monitoring
AMLA
AMLA Authority operational from 1 Jul 2025. Direct supervision of largest cross-border CASPs from 2026. Enhanced CDD and transaction monitoring aligned with AMLA standards.
Ongoing — By design
GDPR (Reg. EU 2016/679)
Art. 6(1)(c) legal basis for KYC/AML data. Wallet addresses treated as pseudonymous personal data (EDPB). Privacy-by-design. TFR data sharing safeguards for third-country transfers.
EU implementing legislation 2026–2027
CARF
CARF reporting hooks built into every transaction record from day one. Per-user annual reporting data exportable. Supports first EU information exchanges by 2027.
Business model canvas

The Business
At a Glance

Key Partners
Payment Rail Providers · Regulated Stablecoin Issuers · Regulated Bridge Protocols · KYT Service Providers
Value Proposition
Stablecoin card settlement · Auto-yield on balances · Travel Rule built-in · MiCA + PSD3/PSR ready · DORA-aligned ICT · White-label neobank API
Customer Segments
EU neobanks (B2B primary) · Crypto-native EU consumers · SME cross-border merchants · FinTech API developers
Revenue Streams
Interchange fee share (0.3%) Yield spread margin (30%) SaaS API licence (€2K–€15K/mo) Premium subscription (€4.99/mo) Merchant API (per-call)
Funding
Pre-Seed €250K · Seed €2M (Q4 2025) · Series A €15M (Q3 2027) · Break-even Month 28
Year 3 Targets
€5.2M ARR · 45,000 users · €120M volume · 3 neobank partners · ~4.6% blended APY
Regulatory Stack
MiCA 2023/1114 · TFR 2023/1113 · PSD3/PSR · DORA 2022/2554 · AI Act 2024/1689 · GDPR · CARF
Where to find StediPay

Four Platforms,
One Project

GitHub
Smart contract codebase, tests, compliance/ directory, SDK. Open source under BUSL-1.1.
github.com/econodlt/stedipay
Streamlit App
Interactive demo: payment simulator with Travel Rule data flow, reserve dashboard, AI agent activity log, Travel Rule checker, EU regulatory matrix.
stedipay.streamlit.app
This Website
Showcase with architecture, Travel Rule compliance section, EU regulatory matrix, business canvas, and contact. HTML/CSS/JS.
https://www.stedipay.store
LinkedIn
Deep-dives on on-chain finance, tokenized assets, DeFi studies, cross-chain interoperabilities, AI agent protocols, and compliance analysis for crypto. Build-in-public milestones.
linkedin.com/in/hasret-ozan-sevim
About the author

Built by a Researcher
Who Is Expert in Finance, Econometrics, and European Law

HOS
Hasret Ozan Sevim
Researcher, PhD Candidate, Finance and Distributed Systems
Specialising in blockchain interoperability, on-chain finance, and econometrics — Knowledge of MiCA, TFR/Travel Rule, PSD3/PSR, DORA, AI Act, GDPR, CARF. Published researcher in financial econometrics and network economics. Proficient in Python and R. StediPay demonstrates the combination of rigorous economic research, legal expertise across the full EU regulatory stack, and hands-on blockchain engineering — the exact profile needed to build compliant financial infrastructure at the frontier of DeFi and regulation.
Website GitHub Email Business Booklet
Legal disclaimer & important notices

Read Before
You Continue

Pilot portfolio project
StediPay is a pilot portfolio project created solely to demonstrate technical, regulatory, and business design skills. It does not represent a live product, a commercial service, or an active business. Nothing here constitutes an offer, solicitation, or invitation to invest or engage in any commercial activity.
All data is hypothetical
All statistics, financial projections, KPIs, revenue figures, APY estimates, payment volumes, and technical metrics are strictly hypothetical and for illustrative purposes only. They are not based on real data and must not be relied upon for any financial or business decision.
No affiliation with any company
StediPay has no partnership, affiliation, endorsement, or communication of any kind with any company, protocol, brand, project, or any other entity mentioned in the scope of this project, website, and its demo. All brand names are the property of their respective owners, referenced solely for illustrative purposes under nominative fair use.
No financial or legal advice
Nothing here constitutes financial advice, investment advice, legal advice, or any other professional advice. Regulatory analysis represents the author's personal understanding of EU law as of April 2026 and is provided for informational purposes only — not a formal legal opinion. Smart contracts are unaudited and must not be used in production.
No liability
To the maximum extent permitted by applicable law, the author (Hasret Ozan Sevim) accepts no legal or financial liability of any kind — direct, indirect, incidental, or consequential — arising from or related to this project, its content, its code, or any reliance placed upon it by any person or entity. Use of any information or code in this project is entirely at your own risk.