# MIRO Ecosystem 2025 Annual Report

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MIRO has consistently focused on driving the large-scale adoption of crypto payments, committed to building a truly deployable payment infrastructure stack that makes crypto payments more feasible in terms of integration cost, usability, and compliance pathways, while remaining capable of continuous evolution toward intelligence. Since the underlying architecture of the MIRO crypto payment network was completed and officially launched at the end of 2024, we have fully completed the first stage of ecosystem development, laying a clear and solid foundation for subsequent expansion and deepening.

Looking back over the past year, the development of the MIRO ecosystem has been primarily reflected across three dimensions.

First is the continuous upgrading and refinement of foundational capabilities. We have steadily expanded and strengthened MIRO’s crypto payment infrastructure to provide more powerful and integration-friendly system support for B2B scenarios, while on the consumer side, minimizing usage costs and simplifying interactions to enable intuitive expression and execution of payment intent, gradually incorporating intelligent capabilities. The core objective has remained consistent: continuously folding away the native complexity of crypto so that crypto payments can be broadly accepted and sustainably used across different roles and scenarios. From the end of 2024 through December 2025, MIRO’s on-chain payment network underwent multiple rounds of optimization and adjustment to align system capabilities with real market demands for efficiency, stability, and compliance.

In particular, during the second half of 2025, MIRO conducted deeper exploration into AI Agent payments and progressively completed integrations with standards and frameworks such as A2A, AP2, MCP, and x402. These efforts were not short-term feature additions, but rather foundational protocol and execution-layer work designed to enable AI Agents to participate in payments, settlement, and economic activity, reserving a clear technical path for large-scale future evolution.

The second dimension is continuous exploration and systematic construction in compliance. In fact, 2025 has been widely regarded as a pivotal year for the crypto industry’s transition toward institutionalized compliance. With the Trump administration taking office, the United States began systematically advancing crypto asset regulation, introducing a series of landmark policies.

The GENIUS Act was formally signed into law, establishing a comprehensive regulatory framework for payment stablecoins, requiring 100% reserve backing, daily disclosures, and regular audits, while clearly defining stablecoins as neither securities nor commodities. The CLARITY Act passed the House of Representatives, categorizing non-stablecoin digital assets as either “digital commodities” (regulated by the CFTC) or “investment contract assets” (regulated by the SEC), clarifying market boundaries, expanding CFTC authority, and providing compliance exemptions for DeFi and token issuance. Meanwhile, President Trump signed executive orders allowing 401(k) retirement plans to allocate to crypto assets and promoting the creation of U.S. Strategic Bitcoin and Digital Asset Reserves, consolidating approximately 200,000 BTC held by the government and including assets such as Ethereum, XRP, and Solana—formally positioning Bitcoin as a national strategic asset comparable to gold. In parallel, banking regulators reversed prior anti-crypto stances and issued guidance on crypto custody and related services. Collectively, these developments marked a new phase of regulatory maturity for the crypto market.

Against this backdrop, MIRO chose to proactively embrace and internalize compliance capabilities. MIRO’s core advantage lies in modularizing highly fragmented, labor-intensive traditional financial compliance processes and transforming them into standardized interfaces embedded directly into on-chain payment workflows. Key elements—including identity verification, transaction screening, address labeling, risk scoring, and regulatory reporting—are decomposed into composable protocol components that developers can invoke as needed. This enables projects to meet baseline regulatory requirements across multiple jurisdictions without building complex local compliance systems, significantly reducing compliance costs and accelerating product deployment.

Diverse regional regulatory environments have also served as real-world testing grounds for MIRO’s modular compliance strategy. In the European Union, MIRO integrates eID identity systems and MiCA-related stablecoin reporting pathways; in Singapore, its architecture interfaces with MAS reporting requirements and dynamic AML screening mechanisms; in emerging markets, MIRO prioritizes integration with local fiat payment gateways to enhance control and traceability of fund flows.

The third dimension is the continuous expansion and deployment of application layers. On top of its foundational payment infrastructure, MIRO first launched the M-Pay product and subsequently issued the crypto payment card, M-Card. After completing testing and compliance reviews, the product has attracted significant ecosystem adoption and real-world usage, gradually forming tangible payment benefits and scenarios. Beginning in April, MIRO also rolled out global remittance services and the M-Store online marketplace, offering a more complete payment and consumption experience for ecosystem users. In November 2025, M-Store welcomed a major ecosystem partner—the well-known maternal and infant brand Ouyun—further validating the feasibility of crypto payments in real commercial settings.

These application modules not only directly reflect MIRO’s underlying payment capabilities, but also provide clear, reusable reference paths for future developers and merchants entering the ecosystem, driving the network toward greater openness and long-term sustainability.

Through sustained experimentation and exploration throughout the year, we completed the critical construction of a crypto payment system from 0 to 1, laying the groundwork for the next phase of scaling from 1 to 10 and deeper evolution. Building upon this validated framework, MIRO will continue to drive the deployment, expansion, and deepening of crypto payments in real-world scenarios.

# 2025 Ecosystem Progress Overview

## The Starting Point of a Usable and Scalable Crypto Payment Network

In January 2025, MIRO began advancing steadily around its core objective of building a “usable and scalable crypto payment network.” With the launch of the POVW consensus mechanism, MIRO completed a critical component of its underlying execution and security model, laying a stable foundation for payment-oriented operations. On top of this, the MIRO dApp and smart payment gateway were released in succession, enabling real users and merchants to directly access and utilize the underlying capabilities. Crypto payments thus moved beyond conceptual discussion and entered a phase of practical usability and sustainable iteration.

As product capabilities continued to materialize, MIRO also formed a clearer narrative positioning in the market and ecosystem—positioning itself as an “on-chain version of PayPal,” serving the Bitcoin ecosystem and broader Web3 payment needs. This positioning was continuously reinforced through product releases and growing user participation, and reached a milestone validation by the end of January: the strategic investment from MZZC Foundation. Beyond providing resources and long-term support, the investment validated MIRO’s development path and scalability potential in crypto payment infrastructure from an external perspective, opening space for broader ecosystem expansion.

## Real-World Usage and System Formation

Entering February and March, MIRO’s focus shifted from “capability deployment” to “real-world usage and system formation.” In February, the launch of M-Card Beta marked the first time crypto assets entered mainstream payment scenarios in a form closer to everyday consumption. At the same time, the private sale concluded, mining mechanisms were activated, and the first batch of rewards was distributed—allowing MIRO’s economic system to begin forming continuous feedback loops with real user behavior. The introduction of a fast purchase feature further lowered entry barriers for new users, creating a smoother closed loop between payment and asset acquisition.

In March, MIRO’s development pace accelerated noticeably. On one hand, M-Card completed internal testing and initiated airdrops, validating compatibility and stability within mainstream payment environments such as Apple Pay, and moving from “functional availability” toward “perceptible user experience.” On the other hand, MIRO carried out a systematic visual and interaction upgrade across the ecosystem, aligning the dApp, official website, M-Card, and marketplace into a unified experience—marking the ecosystem’s entry into a more mature and scalable stage. Meanwhile, the trading market completed performance upgrades, further improving payment and conversion efficiency in preparation for high-frequency usage.

On this foundation, MIRO also began preparing for broader application expansion. In March, the global remittance service entered an intensive development phase, focusing on low-cost, fast-settlement, and compliant cross-border payment pathways. Multiple ecosystem partnerships were advanced in parallel, introducing external collaboration across payments, identity, hardware, and multi-chain settlement capabilities.

## Integration of Consumption and Payments

During April and May, the MIRO ecosystem truly entered the stage of “integrated consumption and payments.” In April, M-Store officially launched, further solidifying MIRO’s goal of building an on-chain consumption closed loop centered on BTC. This enabled users to directly use crypto assets for cross-border shopping, filling Bitcoin’s long-standing absence in consumer scenarios. It also marked MIRO’s structural integration of payments and e-commerce—exploring a Web3-native consumption model rather than simply attaching crypto payments as an add-on to traditional e-commerce.

At the same time, MIRO further strengthened its early user system and asset structure. The M-Card airdrop was successfully distributed, and the BTC accumulation program officially launched, allowing ecosystem revenues to flow back into the Bitcoin asset pool. As a result, BTC within the MIRO ecosystem evolved from merely a settlement medium into both a long-term value anchor and a high-frequency circulating asset. During this stage, MIRO’s positioning became increasingly clear: not only as an on-chain payment network, but also as an infrastructure layer for consumption and cross-border scenarios, reserving space for more complex financial and commercial applications.

In May, MIRO’s focus further expanded to the broader real-world market of cross-border capital flows with the official launch of the global remittance feature. Global remittance served as the entry and clearing point for funds, M-Card handled real-world consumption endpoints, and M-Store acted as the on-chain consumption validation layer—together forming a complete “receive and use immediately” asset pathway. Through this combination, MIRO aims to gradually position on-chain assets as mainstream value carriers and bring them into everyday life.

## System Deepening and Compliance Implementation

Between June and August, the MIRO ecosystem completed a critical transition from “capability construction” to “system deepening and compliance implementation.” As core modules such as M-Card, M-Store, and global remittance matured, the focus shifted toward real-world usage scenarios, regulatory alignment, and system coordination—pushing crypto payments from “usable products” toward “sustainable infrastructure.”

In June, MIRO concentrated on refining M-Card and M-Store. On one hand, the physical M-Card entered a critical advancement stage, marking crypto payments’ clear move toward offline consumption. As the most familiar and lowest-cognitive-cost payment medium for users, the physical card provided an understandable, acceptable, and regulatable entry point for bringing on-chain assets into the real world. Around multi-currency auto-switching, fee optimization, on-chain settlement, and risk control pathways, M-Card’s stability and usability entered mature testing, while $MIRO was simultaneously introduced as a practical utility token for payment fees. On the other hand, M-Store continued to refine its product, merchant, and user rights systems—ranging from account abstraction, DID, and NFT memberships to merchant revenue sharing and marketing tools—gradually validating the feasibility of “on-chain e-commerce” as a real consumption scenario and creating sustained usage incentives for BTC and stablecoins.

In July, MIRO entered an accelerated phase of compliance and global expansion. M-Card successfully passed banking and Visa compliance reviews, new card ranges were officially launched, and a multi-range parallel strategy began to cover different regions and use cases. At the same time, the launch of USDT withdrawal functionality completed the “on-chain funding—stablecoin usage—compliant off-ramping” loop. Throughout this process, MIRO’s modular Compliance-as-a-Module (CaaM) capabilities began to demonstrate real value, enabling flexible combinations of payments, risk control, identity, and regulatory interfaces across jurisdictions. This not only safeguarded user funds, but also provided an institutional foundation for larger-scale payment adoption.

August further strengthened both the application layer and asset strategy. M-Store entered the market with a clearer positioning, serving as a full application-layer demonstration of MIRO’s payment protocol stack and assuming the role of the “consumption execution layer.” Meanwhile, the BTC reserve strategy moved into active execution, with ecosystem revenues continuously converted into long-term Bitcoin reserves—positioning BTC within the MIRO system as both a payment medium and a value anchor. Alongside the rollout of new M-Card ranges and gradual KYC requirements, MIRO continuously balanced user experience, compliance requirements, and system scalability.

At this stage, MIRO evolved from a collection of crypto payment products into a full on-chain payment infrastructure capable of supporting real capital flows, real consumption behavior, and long-term regulatory requirements—laying a sustainable foundation for broader adoption.

## From Product-Level Usability Validation to Synchronized Market Launch, Regional Expansion, and Long-Term Technical Roadmap

In September, as preliminary functional testing and partner integrations were largely completed, M-Card officially entered the market warm-up and launch phase in a more mature form. The introduction of the pre-sale mechanism marked MIRO’s first systematic rollout of its on-chain payment capabilities to a broader consumer audience. Denominated in USD and connected to both the Mastercard and Visa networks, M-Card was designed with high flexibility in spending limits, transaction frequency, and usage scenarios. Through a mechanism that rewards MIRO tokens based on consumption, everyday payment behavior is directly linked to long-term value accumulation, making M-Card the real-world frontend interface of the MIRO protocol stack.

At a deeper level, the significance of M-Card lies in the complete set of payment execution and compliance logic embedded behind the scenes. Account abstraction, limit verification, risk pre-checks, and settlement validation are unified within the system, leaving users with an intuitive experience comparable to traditional bank cards. For merchants and clearing institutions, standardized APIs provide compliant and auditable payment pathways. This architecture enables crypto assets to truly enter real-world payment networks without increasing cognitive burden, laying the foundation for synergistic closed loops with M-Store, Global Remittance, and other modules.

In October, MIRO’s focus expanded from advancing individual products to regional market deployment and long-term infrastructure planning. On one hand, the team prioritized expansion in Asia—particularly Southeast Asia—driven by the region’s high crypto asset ownership, dense stablecoin usage, and strong real-world demand for cross-border payments, remittances, and digital consumption. MIRO began establishing partnerships with local payment networks, cross-border settlement providers, and compliance service institutions, while piloting M-Pay and M-Card integrations to validate feasibility in high-frequency, low-value, cross-border scenarios.

On the other hand, October also marked MIRO’s clarification of its future-facing technical trajectory: systematically integrating AI Agent payments into the long-term evolution of its payment stack. As standards such as AP2, x402, and Agentic Commerce continue to mature, payment flows are shifting from being human-triggered to agent-orchestrated. MIRO plans to integrate these standards at the protocol layer and explore new account models designed specifically for AI agents—evolving accounts from static addresses into programmable execution containers, enabling verifiable permissions, risk controls, and strategy execution under zero-knowledge proofs. Through this evolution, MIRO aims not only to serve users as a payment infrastructure, but also to become a settlement layer supporting agent-based economies and on-chain financial collaboration, reserving sufficient system capacity for the next generation of crypto payments.

## Validation Through Real-World Consumption Scenarios

During November and December, MIRO reached new milestones in validating real-world consumption scenarios—representing a critical transition from on-chain capabilities to tangible everyday usage. On one front, MIRO’s online marketplace welcomed its first internationally recognized consumer brand; on another, the physical payment gateway M-Card completed its pre-sale and entered production. Together, these developments pointed to a single core objective: making crypto payments a tangible, usable, and perceptible real-world experience for users.

In November, internationally renowned maternal and infant brand **Ouyun** officially joined the MIRO online marketplace, becoming the first ecosystem partner to complete a full real-goods transaction loop. This collaboration marked MIRO’s first complete integration of crypto payments into real commercial circulation—from product display and ordering to payment, settlement, and fulfillment—allowing users to complete purchases using crypto assets within familiar e-commerce workflows. For crypto payments long confined to asset transfers and financial interactions, this represented a critical scenario breakthrough. Leveraging MIRO’s modular payment and compliance framework, brands can achieve stablecoin settlement and regulatory alignment across jurisdictions without restructuring existing business processes. Crypto payments thus entered mainstream consumer awareness for the first time as **retail infrastructure**, establishing a practical reference model for future brand and merchant adoption.

At the same time, MIRO’s physical payment card, M-Card, successfully completed its pre-sale and shipment process. As a key bridge between on-chain assets and real-world consumption, M-Card is USD-denominated and connected to the Mastercard/Visa networks, enabling global card payments and ATM withdrawals. Through a consumption-based MIRO token reward mechanism, payment behavior is directly linked to long-term value accumulation. The successful completion of the pre-sale not only validated real market demand for physical crypto payment tools, but also provided a mature compliance template and execution rhythm for future large-scale issuance.

### Security Audits and Technical Trustworthiness

In 2025, MIRO successfully passed a comprehensive security audit conducted by CertiK, a globally recognized blockchain security firm. The audit covered core smart contracts, system architecture design, and critical security mechanisms, providing a systematic evaluation of potential risks and operational stability.

Through this authoritative third-party audit, MIRO’s technical security and system reliability were further validated, marking a higher standard in security governance and risk control. This achievement established a solid security foundation for MIRO’s global payment deployment, ecosystem expansion, and long-term scalable growth.

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# **Investment Institution**

### **MZZC Global Foundation**

MZZC Global Foundation is a Singapore-headquartered global foundation with a long-term focus on primary and secondary market investments in crypto assets and blockchain technologies. Since its establishment in 2021, MZZC has invested in over 300 Web3 projects worldwide, spanning core sectors such as infrastructure, finance, payments, and application layers. It is widely regarded as a leading institution in the industry, known for its deep research capabilities and long-term strategic perspective.

In 2025, MZZC made a comprehensive strategic investment in MIRO. This investment not only reflects institutional recognition of MIRO’s positioning in crypto payments and value circulation infrastructure, but also provides critical support for MIRO’s global compliance expansion, ecosystem collaboration, and long-term development. Both parties will continue to collaborate across crypto payment use cases, ecosystem resource coordination, and long-term value creation.

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**Annual Partnership Expansion**

Throughout 2025, MIRO continuously expanded its global partnership network, establishing collaborations with a wide range of Web3 projects, infrastructure service providers, application platforms, and payment ecosystem partners. These partnerships span multiple core domains, including blockchain infrastructure, DeFi, consumer-facing applications, on-chain services, and real-world payment scenarios.

Through deep collaboration with ecosystem partners, MIRO has steadily advanced the real-world adoption of crypto payments, improved value settlement efficiency, and accelerated connectivity and interoperability across different networks and products. This expanding partnership ecosystem further reinforces MIRO’s role as a key open payment and value circulation infrastructure within the broader Web3 ecosystem.

**User Scale and Global Distribution**

As of the end of 2025, MIRO has reached a total user base of 27,880, with more than 12,000 active users. Alongside continuous user growth, platform engagement has remained stable, reflecting MIRO’s tangible appeal in real payment and everyday usage scenarios.

From a geographic perspective, MIRO users are distributed across multiple countries and regions, forming a diversified and cross-regional growth pattern. This expanding global user base provides a solid foundation for MIRO to build an open and scalable payment and value circulation network.

# Our Outlook for 2026

As 2026 approaches, the MIRO ecosystem will enter a new phase of development. Compared to the early stage, which focused primarily on validating individual products, our emphasis will increasingly shift toward the systematic construction of a long-term crypto payment network. With payment execution, settlement, and compliance capabilities already validated at an initial level, MIRO’s priority now lies in ensuring that these capabilities can operate stably over longer time horizons and be continuously reused across a broader range of applications and scenarios.

At the infrastructure level, MIRO plans to introduce additional native building blocks tailored specifically for crypto payments. This includes the launch of a dedicated payment chain designed to support higher-frequency and more complex payment and settlement logic, as well as systematic abstraction of the resource stack required for payment applications—such as unified scheduling of accounts, execution, risk control, and settlement resources. At the same time, MIRO will continue integrating with storage, computation, and other service-oriented infrastructure, enabling the payment system to operate not as a single component but as part of a more resilient and scalable foundational network capable of supporting long-term and large-scale application demands.

In parallel, MIRO will continue to invest heavily in AI Agent payments as a key strategic direction. Our view is that AI Agents are gradually becoming a new gateway for internet interaction, no longer merely auxiliary tools but increasingly active participants in content generation, service execution, and transaction decision-making. This shift is disrupting platform-centric online economic structures and may give rise to a massive new digital economy. In this context, payments will no longer be exclusively human-triggered, but increasingly executed autonomously by intelligent agents. Compared with traditional payment systems, crypto-asset-based AI Agent payments offer stronger potential in globalization, programmability, and automated execution. The rapid maturation of technical standards and tooling also makes real-world application feasible as early as 2026. In response, MIRO will advance its own intelligence and execution capabilities while continuously integrating mainstream AI Agent payment standards and frameworks, with a strong focus on trusted execution, verifiable settlement, selective privacy, and compliance adaptability—ensuring a sustainable balance between efficiency and security in automated payments.

From a broader perspective, MIRO’s objective for 2026 is not rapid short-term scale expansion, but rather to become a long-term bridge connecting on-chain assets with the real economy. Whether in consumer payments, cross-border settlement, or emerging digital services and automated collaboration scenarios, MIRO aims to participate in a stable and sustainable manner, gradually accumulating network effects through real usage and steadily advancing crypto payments from the margins toward the mainstream economic system.