Transak's integration helped Opera's MiniPay wallet achieve a 10x increase in gross transaction volume and 2.5x better conversion rates over nine months.
Payments infrastructure rarely gets the attention that token prices or market speculation command. A new case study from Transak shows what happens when that infrastructure works.
MiniPay, Opera's mobile stablecoin wallet, saw gross transaction volume rise tenfold between May 2025 and February 2026. Conversion rates improved 2.5x. The wallet posted all-time highs for monthly GTV for eight consecutive months.
The growth followed Transak's integration of fiat on-ramp infrastructure, a combination of compliance operations, localized payment access, in-app onboarding, and expanded U.S. regulatory coverage.
The problems MiniPay faced before the integration
MiniPay is a mobile-first stablecoin wallet built by Opera. Its aim is to make digital dollar payments accessible across emerging and mainstream markets. Scaling was not automatic. The wallet had to address several operational barriers, most of which had little to do with blockchain technology itself.
The first challenge was the onboarding experience. Users were redirected to external platforms to complete transactions. That process was complicated and led to drop-offs. In consumer finance, the moment users leave an environment they are familiar with, trust tends to weaken. That is especially true for first-time visitors new to crypto products.
The second challenge was regulatory access. As MiniPay expanded in the United States, the country became its largest market by transaction volume. Covering the entire nation independently was difficult given the fragmented state-by-state licensing requirements. Building the infrastructure internally would have required substantial compliance resources, capital, and time.
The third issue was compliance operations. Relying on internal development and maintenance of AML and KYC workflows could delay product launches and increase operational overhead. Even for consumer wallets processing relatively small transaction sizes, minor onboarding challenges affect conversion. According to Ondato, the primary reason users abandon the onboarding process is when verification takes longer than ten minutes.
How Transak addressed each issue
Transak provides the stablecoin and crypto payment infrastructure, regulatory and compliance systems that most wallets would find difficult to build themselves. The company's solution for MiniPay focused on four areas.
First, onboarding. MiniPay integrated Transak's embedded on-ramp, keeping the entire purchase flow inside the app. The no-redirect model let users buy USDC and USDT without being redirected to an exchange or third-party website. That reduced friction at the point where first-time users are most likely to abandon the process.
Second, regulatory coverage. Transak combined over 13 Money Transmitter Licenses at the time of integration (since increased to over 20) with a partner network per state. That allowed MiniPay to access markets that were almost impossible to serve independently. The U.S. later became the wallet's largest market by transaction volume.
Third, payment options. MiniPay gained access to a wide range of payment methods through a single Transak integration. Users across more than 100 countries could transact via FedNow, RTP, ACH, SEPA transfers, Google Pay, and Apple Pay. They could use the local payment methods they were familiar with instead of a standardized experience. Debit cards dominated MiniPay transactions at 75%. Apple Pay accounted for 18%. SEPA bank transfers enabled adoption in Spain, Poland, France, and Poland.
Fourth, compliance operations. Transak managed the KYC and AML workflow. It handled user onboarding, screening, fraud monitoring, and ongoing operations on behalf of MiniPay. Its multi-level KYC and KYC Reliance infrastructure reduced unnecessary repeat verification. Risk and compliance controls were configured specifically for MiniPay's user profile and target markets.
The measurable outcomes
The impact showed up across transaction volume, conversion, and user retention. Over nine months, MiniPay recorded sustained growth.
59% of users who completed a first transaction went on to transact again. That figure is important. In many cases, transaction volumes rise quickly because of promotional activity or market conditions. That was not the case for MiniPay. Users made repeated transactions because they found enough value in the product.
The rise of the United States as MiniPay's largest market was also notable. That growth was not driven by new products. Expanded regulatory coverage played a greater role. Licensing infrastructure directly influenced market access, which translated into transaction volume.
Nearly all transaction activity flowed through USDC and USDT. That suggests users were primarily searching for access to dollar-denominated value rather than speculative crypto exposure.
This trend goes beyond a single application. The broader stablecoin market saw transaction volume exceed $1.78 trillion in February 2026. Total market capitalization grew to over $270 billion by mid-2025, from $130 billion in early 2024. Projections suggest the stablecoin market could reach $1.2 trillion by 2028.
What the case study means for other platforms
The opportunity is no longer limited by demand when it comes to wallets, fintech platforms, and payment providers. It is becoming more dependent on the infrastructure that allows users to access it. A combination of liquidity access, compliance workflows, payment method availability, and regulatory coverage plays a direct role in conversion, retention, and geographic expansion.
The MiniPay case illustrates this dynamic clearly. Demand for stablecoins was not the main factor of growth. The infrastructure played a major role, allowing users to access those assets through payment methods they were familiar with, smoothing the onboarding process, and enabling compliant market access.
For teams evaluating fiat on-ramp providers, key decisions are based on integration speed, the ability to maintain control over the user experience, customization, stablecoin support, and regulatory coverage. The main difference among providers is the onboarding experience. Some support a no-redirect model. Other solutions rely on redirecting users to external platforms. For consumer products, that difference can have a measurable impact on conversion rates, user trust, and onboarding performance.
The MiniPay case reinforces that payments infrastructure has become a competitive advantage for wallets and fintech platforms. The most critical step is ensuring users make their first successful transaction after sign-up. Transak operates directly within that payment flow, providing stablecoin onboarding infrastructure and regulatory coverage so that teams do not have to build these systems from scratch.
Once U.S. licensing coverage was in place, a major market opened up. The no-redirect model that kept users inside the app reduced drop-offs. Local payment options improved completion rates across regions. Stablecoin support aligned with how users actually preferred to transact.
As stablecoins become more widely used for payments, the companies providing the infrastructure behind them are likely to play an increasingly important role in how digital financial services are built and delivered. The MiniPay case study shows that combining compliance, payments, and onboarding into a single solution can significantly improve user growth.
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