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  "documentTitle": "Remitly Global, Inc. (RELY)",
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  "authorName": "Spruce Point Capital Management",
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  "notes": "The slide uses external citations (CryptoSlate, VanEck, Sensor Tower, Chainalysis) to build a bearish case against traditional remittance players.",
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      "text": "According to an article by CryptoSlate which cites research from VanEck, app download data from Sensor Tower, and stablecoin data from Chainalysis, Western Union and MoneyGram are already seeing pressure from stablecoin through reduced app downloads and declining monthly active user (MAU) growth. In the next section, we provide evidence that Remitly's app usage is also being pressured.",
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      "text": "According to an article by CryptoSlate which cites research from VanEck, app download data from Sensor Tower, and stablecoin data from Chainalysis, Western Union and MoneyGram are already seeing pressure from stablecoin through reduced app downloads and declining monthly active user (MAU) growth.",
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      "text": "Stablecoin's Share of all transaction volume on-chain (weekly) Jan 2021 - Nov 8, 2024",
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      "text": "Western Union App Actives Keep Falling, Downloads Decline 22%",
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      "text": "app downloads: 22%",
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      "text": "Traditional remittance giants like Western Union and MoneyGram are struggling to keep pace in an evolving financial ecosystem increasingly shaped by stablecoins. According to Matt Siegel, Head of Digital Assets Research at VanEck, downloads of remittance giants apps have dropped significantly, with Western Union seeing a 22% decline and MoneyGram experiencing a 27% reduction.",
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      "text": "Western Union and MoneyGram app usage drops as stablecoin adoption surges. Stablecoins redefine remittance by offering faster, cheaper cross-border payments amid declining app downloads for traditional giants.",
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      "text": "Traditional remittance giants like Western Union and MoneyGram are struggling to keep pace in an evolving financial ecosystem increasingly shaped by stablecoins. According to Matt Siegel, Head of Digital Assets Research at VanEck, downloads of remittance giants apps have dropped significantly, with Western Union seeing a 22% decline and MoneyGram experiencing a 27% reduction. — Matt Siegel, VanEck",
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      "text": "Source: CryptoSlate.com, Jan 7, 2025",
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      "text": "Stablecoin Is Already Pressuring Peers",
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