[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-1-en-105":3,"doc-seo-564553-105":53,"doc-detail-564553-en":127},{"code":4,"msg":5,"data":6},0,"success",[7,14,19,24,29,34,39,44,49],{"id":8,"doc_module":9,"doc_module_name":10,"category_name":11,"show_sort_weight":12,"slug":13},11,1,"Template","Presentations",90,"presentations",{"id":15,"doc_module":9,"doc_module_name":10,"category_name":16,"show_sort_weight":17,"slug":18},12,"Resumes",80,"resumes",{"id":20,"doc_module":9,"doc_module_name":10,"category_name":21,"show_sort_weight":22,"slug":23},14,"Invoices",70,"invoices",{"id":25,"doc_module":9,"doc_module_name":10,"category_name":26,"show_sort_weight":27,"slug":28},15,"Posters",60,"posters",{"id":30,"doc_module":9,"doc_module_name":10,"category_name":31,"show_sort_weight":32,"slug":33},16,"Social Media",50,"social-media",{"id":35,"doc_module":9,"doc_module_name":10,"category_name":36,"show_sort_weight":37,"slug":38},17,"Forms",40,"forms",{"id":40,"doc_module":9,"doc_module_name":10,"category_name":41,"show_sort_weight":42,"slug":43},18,"Letters",30,"letters",{"id":45,"doc_module":9,"doc_module_name":10,"category_name":46,"show_sort_weight":47,"slug":48},21,"Paper Templates",5,"papers-templates",{"id":50,"doc_module":9,"doc_module_name":10,"category_name":51,"show_sort_weight":4,"slug":52},158,"General","general-158",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":120,"head_meta":122,"extra_data":124,"updated_unix":126},105,"en","how-to-value-payment-tokens-key-takeaways","How to Value Payment Tokens - Key Takeaways","","A valuation framework for payment tokens explains why common equity-style metrics fail for most cryptocurrencies and why the equation of exchange provides a better basis. The model links a token’s value to the dollar volume of the economy its network supports, incorporating adoption assumptions and velocity to reflect long-term non-speculative worth. The report estimates market size through target addressable markets (TAM), supported by transaction and active user drivers, and contrasts payment token adoption with slower real-world deployment versus major payment platforms.",{"@graph":63,"@context":119},[64,80,102],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":51,"@type":70,"position":76},"https://docshare.wps.com/template/general/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/how-to-value-payment-tokens-key-takeaways/564553/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/how-to-value-payment-tokens-key-takeaways/564553.png","ImageObject",442,249,{"name":88,"@type":89},"Finn","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-11-01","2026-10-12",true,{"@type":98,"interactionType":99,"userInteractionCount":101},"InteractionCounter",{"@type":100},"ViewAction",7,{"@type":103,"mainEntity":104},"FAQPage",[105,111,115],{"name":106,"@type":107,"acceptedAnswer":108},"Why are standard valuation approaches unsuitable for most cryptocurrencies?","Question",{"text":109,"@type":110},"Traditional valuation relies on underlying business profitability and cash flows. For cryptocurrencies (except stablecoins), there is no comparable asset backing, so a different valuation metric is required.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"How does the equation of exchange model value payment tokens?",{"text":114,"@type":110},"It ties a cryptocurrency’s value to the dollar volume of the economy the network supports, aligning token worth with transaction activity rather than business success.",{"name":116,"@type":107,"acceptedAnswer":117},"What roles do adoption rate and velocity play in token valuation?",{"text":118,"@type":110},"Adoption rate is estimated from historical growth in active wallet addresses, reflecting expected future use cases. Velocity measures how often the token changes hands per year and helps assess long-term, non-speculative value.","https://schema.org",{"og:url":78,"og:type":121,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":123,"canonical":78},"index,follow",{"doc_id":125,"site_id":56},564553,1792110214,{"code":4,"msg":5,"data":128},{"doc_id":125,"user_id":129,"nickname":88,"user_avatar":130,"doc_module":9,"category_id":50,"category_name":51,"doc_title":59,"doc_description":61,"doc_content":131,"file_id":132,"file_url":133,"file_type":134,"file_size":135,"view_count":101,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":20,"language":136,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":61,"update_tm":140,"read_time":47},34359740700684,"https://ap-avatar.wpscdn.com/avatar/1f400023980c374ae676?_k=1777273430885731487","How to Value Payment Tokens  \nKey Takeaways  \n8 Alchemy Pay is a hybrid crypto-fiat payment infrastructure powered by its Ethereum-based utility token, ACH. It unites fiat and crypto economies by offering crypto and fiat acceptance compatible in numerous payment industries.  \n8 The relevant application and economic size of payment tokens, which are referred to as target addressable markets (TAM), are necessary components in token valuation with the equation of exchange model.  \n8 The equation of exchange model suits specific types of cryptocurrency such as payment tokens because it relies on the theory that the value of each cryptocurrency should be directly correlated with the dollar volume of the economy it supports.  \n8 The value of each crypto asset is inversely related to its supply—i. e., the number of coins that are in circulation and its velocity, which is the number of times each coin is traded per year.  \n8 The adoption rate is based on an assumption regarding future use of the currency for each use case. To estimate adoption, we fit a curve to the historical growth in active wallet addresses.  \n8 Data from a survey shows that 46 million customers, including 17 million non-crypto owners, plan to use cryptocurrencies to make purchases in the future.  \n8 The payment gateway market was valued at $20 billion in 2020 and is expected to grow at a 15% CAGR between 2021 and  \n2027. Yet cryptocurrency payments lag far behind leading players such as PayPal, Stripe and Shopify Pay.  \n8 Addressing the precarious taxonomy of digital assets is perhaps the biggest impediment to establishing a legal framework that encompasses payment tokens, stablecoins and all types of crypto assets.  \n© Cointelegraph Research, 2022 2  \nContents  \n1. Introduction  4  \nAlchemy Pay  5  \nDash  5  \nRipple  7  \n2. Target Addressable Market for Payment Coins  7  \nAssumptions in-depth  9  \n3. Conclusion on the Future of Cryptocurrency Payment  12  \nAuthors  \nDemelza Hays, Ph.D.  \nDemelza Hays is the director of research at Cointelegraph, and formerly was a Forbes 30 Under 30, U.S. Department of State Fulbright Scholar, and fund manager of two regulated crypto funds.  \nIgor Kravchenko  \nIgor Kravchenko is a research analyst at Cointelegraph. He is currently pursuing a master’s degree in quantitative finance at the Vienna University of Economics and Finance.  \nRon Mendoza  \nRon has worked in business development for several investment firms in Dubai and Abu Dhabi for more than six years. He has also covered cryptocurrency, blockchain, and fintech topics for several publications since 2019.  \nVladimir Shapovalov  \nA Chemical Engineering graduate from the University of Cambridge with previous experiences in London brokerage services firm and British brain cancer treatment startup.  \nNikita Malkin  \n3+ years of working experience in crypto sphere and finance. Higher School of Economics graduate with diploma work related to digital asset market. Co-author of Security Token Report and research analyst at Cointelegraph Research.  \nHelen Rosenberg  \nHelen Rosenberg is a research analyst at Cointelegraph, holds a bachelors’degree in economics and finance and has co-authored three reports at Cointelegraph Research.  \n© Cointelegraph Research, 2022 3  \n 1 Introduction  \nOne of the challenges in valuing cryptocurrencies is that standard valuation approaches used for traditional financial assets are inapplicable. For instance, the basis for valuing a stock is through the success or profitability of its underlying business. For cryptocurrencies, with the exception of stablecoins, there is no such asset to back them, thus requiring a more suitable valuation metric. Goldman Sachs identified that a cryptocurrency’s value is determined by the volume of transactions or expected transactions that its network processes.1 The network also refers to the number of active users, which coincides with how social media companies such as Facebook can be valued.2  \nThis is fundamental ","cbCaidYlHEUklwev","https://ap.wps.com/l/cbCaidYlHEUklwev","pdf",1173899,"English","# Introduction\n## Alchemy Pay\n## Dash\n## Ripple\n# Target Addressable Market for Payment Coins\n## Assumptions in-depth\n# Conclusion on the Future of Cryptocurrency Payment","[{\"question\":\"Why are standard valuation approaches unsuitable for most cryptocurrencies?\",\"answer\":\"Traditional valuation relies on underlying business profitability and cash flows. For cryptocurrencies (except stablecoins), there is no comparable asset backing, so a different valuation metric is required.\"},{\"question\":\"How does the equation of exchange model value payment tokens?\",\"answer\":\"It ties a cryptocurrency’s value to the dollar volume of the economy the network supports, aligning token worth with transaction activity rather than business success.\"},{\"question\":\"What roles do adoption rate and velocity play in token valuation?\",\"answer\":\"Adoption rate is estimated from historical growth in active wallet addresses, reflecting expected future use cases. Velocity measures how often the token changes hands per year and helps assess long-term, non-speculative value.\"}]","How to Value Payment Tokens - Key Takeaways | PDF",1791842808]