REG - Blue Star Capital - SatoshiPay Update

§ 01 Executive Snapshot

• What: Blue Star Capital provides updates on its investee company SatoshiPay's advancements in decentralized foreign exchange technology and fiat-to-crypto infrastructure.
• Who: Blue Star Capital plc and SatoshiPay Ltd, with specific mention of Pendulum and Nabla Finance.
• Why it matters: The updates reflect significant developments in the integration of blockchain technology with traditional finance, enhancing payment solutions and liquidity management.

§ 02 Key Developments

• SatoshiPay's FX DEX achieved approximately US$3 million in monthly foreign exchange volume for EURC and BRLA swaps to and from USDC.
• Pendulum community completed migration of the FX DEX liquidity to the Base blockchain network to improve settlement efficiency.
• SatoshiPay plans to deprecate the Spacewalk bridge on 8 July 2026 to reduce the need for locked collateral and enhance liquidity.

§ 03 Strategic Context

• The development of decentralized foreign exchange technology aligns with the growing trend of integrating blockchain solutions in traditional finance, particularly in payment systems.
• SatoshiPay's initiatives fit into a broader narrative of enhancing the use of stablecoins and decentralized finance for mainstream financial transactions.

§ 04 Strategic Implications

• Immediate consequences include improved liquidity management and operational efficiency in SatoshiPay's fiat-to-crypto infrastructure.
• Long-term implications may involve greater institutional adoption of decentralized finance solutions and enhanced cross-border payment capabilities.

§ 05 Risks & Constraints

• Potential regulatory risks associated with the transition to decentralized finance and the integration of blockchain technology in traditional payment systems.
• Competition from other blockchain-based payment solutions and the need for robust infrastructure to support these initiatives.

§ 06 Watchlist / Forward Signals

• Upcoming migration of liquidity to Base and the launch of additional regional corridors as indicators of SatoshiPay's growth trajectory.
• Future developments in automated payment workflows and partnerships that will signal the success of the Vortex platform.