Withdraw 3,961,538 ada for Bringing Real-World Payments to Cardano with Wirex
154 DReps voted · 57 with a rationale · 3 changed their vote
Open a row to read the rationale.
- Yes575M ₳Rationale
Yoroi DRep votes YES on Withdraw 3,961,538 ada for Bringing Real-World Payments to Cardano with Wirex. The Cardano community has spoken clearly through the Hydra off-chain voting platform, and Yoroi is committed to honouring that voice.
- Honouring the Community Mandate: With a supermajority of over 67% in the off-chain governance process, this proposal carries a strong and unambiguous signal of community support. Yoroi votes Yes in alignment with that collective decision.
- Abstain384.3M ₳Rationale
Please check the following link for the reasons for the vote.（投票理由は次のページを参照してください。)
- Abstain331.6M ₳No rationale
- Yes299.7M ₳Rationale
EMURGO as a DRep votes YES on Withdraw 3,961,538 ada for Bringing Real-World Payments to Cardano with Wirex, with rationale outlined below.
This proposal successfully completed the off-chain community governance process on the Hydra voting platform, crossing the required 67% approval threshold. EMURGO respects the legitimacy of this community-led process and votes YES in recognition of the mandate that the Cardano community has clearly expressed. For these reasons, EMURGO votes yes.
- Yes258.5M ₳No rationale
- No219.4M ₳Rationale
We vote on Intersect budget items as we did on Ekklesia.
- Abstain175.4M ₳No rationale
- Yes171.3M ₳No rationale
- Yes123.7M ₳Rationale
This document includes the Cardano Foundation’s voting decisions and individual voting rationales for the 11 Treasury Withdrawal governance actions submitted following the Intersect-facilitated budget process.
A PDF version of this rationale is also made available.
Our approach is designed to ensure both transparency and efficiency, applying a consistent evaluation framework (see the “Cardano Foundation Voting Decisions for the 2026 Intersect Budget Process”) to each proposal and presenting our reasoning in a single, comprehensive document.
No material changes have been made to the individual proposals since the budget proposals were approved in Hydra Voting, therefore our votes on these withdrawals reflect our original assessment and vote. Our voting decisions on the 11 treasury withdrawals are made available in the table below.
Fund administration clarity is an important consideration for our voting decisions. Our expectation is that expect Intersect, as administrator, will manage funds diligently, provide public transparency on contracts, and ensure robust oversight, holding recipients accountable for deliverables.
Conclusion
The Cardano Foundation’s votes on these 11 treasury withdrawal governance actions are the direct execution of a single, comprehensive review process that began during the Hydra Voting phase. Although we present one aggregate rationale for efficiency, each proposal and governance action was individually assessed against a consistent framework anchored in our publicly stated principles.
Voting Record
Governance Action ID Title Vote Rationale gov_action1k02...cw2nc5 Withdraw 3,961,538 ada for Bringing Real-World Payments to Cardano with Wirex YES The Wirex proposal credibly contributes to adoption and utility because the deliverables provide card-based financial services and open payment rails linked to on-chain balances. The proposal is expected to expand real-world payment utility and leverage Wirex's established scale to create a plausible path toward increased ecosystem usage to justify treasury investment. The budget justification would benefit from establishing explicit Cardano-specific user migration volumes, ADA spending targets, and a delineation of open-source components. However, the team demonstrates a strong operational history and extensive multi-jurisdictional transaction experience. Based on this, CF votes Yes. gov_action1k02...tttste Withdraw 540,750 ada for by TxPipe Dolos: Maintaining Cardano's Lightweight Data Node, Year 2 YES The Dolos by TxPipe proposal credibly contributes to infrastructure and research excellence because the deliverables target a mature, non-Haskell alternative node implementation that directly decentralizes data access. The proposal is expected to drive sustained protocol-level engagement and support long-term network resilience by safeguarding critical node diversity. Furthermore, the team has a proven track record of continuous infrastructure delivery and verifiable software releases across prior cycles, and the budget is appropriately justified given a clean cost structure for a part-time maintainer that features a transparent return-to-treasury clause for unused contingency reserves. However, the proposal would benefit from less generic milestone definitions that commit to specific protocol-version readiness for upcoming hard forks and more defined deliverables to support its speculative AI-integration scope. Based on this, CF votes Yes. gov_action1k02...hyg4hw Withdraw 1,310,960 ada for Hardware Wallet Maintenance 2026 NO The Hardware Wallet Maintenance 2026 proposal has potential to contribute to security, continuity, and ecosystem access as the deliverables target a critical access layer to ensure ongoing hardware wallet compatibility for ADA holders. However, the budget is not appropriately justified and compared to previous funding cycles for similar scopes seems too high. Additionally, the project presents substantial execution and accountability risks, evidenced by incomplete milestones and significant delivery delays in the 2025 cycle, alongside a repository changelog that suggests an undocumented complete rewrite rather than routine maintenance. Without explicit clarifications regarding vendor responsibilities, itemized cost increases, and structured milestone definitions managed via clear, centralized ecosystem demand, the current proposal lacks the necessary transparency for public funding. Based on this, CF votes No. gov_action1k02...ypfkyr Withdraw 1,193,000 ada for Intersect Technical Steering Committee Support YES IntersectTSC credibly contributes to the development of Cardano governance and supports infrastructure and research excellence. The proposed milestones strongly align with the strategic priorities and 'Our Cardano' principles by funding critical operations for the Parameter Committee, CIP Editors, and Hard Fork Working Group. The proposal is expected to generate meaningful on-chain activity through direct network usage, transaction volume, governance participation, and enhanced by WP1 expert event engagements. The team has a proven track record of delivering ecosystem grants and meaningful outcomes, as evidenced by their coordination of the Plomin and Chang hard forks. The budget is appropriately justified given the phased milestone structure with clearly defined acceptance criteria and provisions for independent oversight, including independent third-party audit verification via Appold and an absolute return-to-treasury policy for all unspent capital. However, it is recommended that WP1 track active delivery metrics rather than event attendance, and mandate the publication of post-event reports to turn travel into a strategic intelligence asset, while WP3 must enforce its promised total independent recusal framework. Based on this, CF votes Yes. gov_action1k02...x6wlxf Withdraw 25,400,000 ada for Intersect: Governance coordination and technical stewardship for the Cardano ecosystem ABSTAIN This Intersect proposal credibly contributes to open governance coordination, technical stewardship, and ecosystem outreach as the deliverables successfully support the off-chain coordination model outlined in the Cardano 2030 Strategy. However, the immediate impact of its 2026 technical budget to on-chain network growth remains obscured by substantial operational ambiguities. This is because its technical focus risks introducing unnecessary parallel management layers rather than directly driving clean, high-impact technical utility. Furthermore, while the organization has demonstrated experience managing an evolving decentralized landscape over the past two years, the total requested budget of 25,400,000 ADA is not appropriately justified given a lack of granular, itemized baseline financial accounting and clear 2025 actual expenditure statements to verify true value-for-money. Additionally, extensive work packages within the proposal heavily overlap with core software maintenance, repository stewardship, and infrastructure monitoring solutions already maintained by the ecosystem, while the current committee framework introduces administrative overheads that require swift structural streamlining to prioritize tangible, democratic, and measurable outcomes. Based on this, CF votes Abstain. gov_action1k02...4l0u4y Withdraw 3,810,423 ada for Mithril Protocol YES The Mithril Protocol proposal credibly contributes to infrastructure, scalability, and research excellence by providing critical light-client verification models, Layer 2 anchoring primitives, and SNARK-based certificate compression frameworks. The proposal is expected to drive long-term protocol maintainability, cross-chain interoperability, and future-proof network resilience, thereby justifying treasury investment. Furthermore, the team has a proven track record of peer-reviewed engineering delivery and technical execution, and the budget is appropriately justified, as the requested funding is consistent with the strategic importance of the core infrastructure tracks. However, the proposal would benefit from a clearer, itemized breakdown of staffing costs and full-time equivalent (FTE) allocations to address headline cost concerns, as well as a more explicit articulation of broader system impacts regarding network decentralization and production wallet integration pathways. Based on this, CF votes Yes. gov_action1k02...fsvefn Withdraw 1,162,746 ada for MLabs Core Tool Maintenance & Enhancement: Plutarch and Ply YES The MLabs Core Tool Maintenance & Enhancement proposal credibly contributes to infrastructure and developer experience by providing essential maintenance and ongoing enhancements for widely used developer tools. While maintenance itself is not expected to generate immediate on-chain activity, safeguarding heavily used builder infrastructure protects the ecosystem from severe disruption and ensures that future transaction volume and adoption remain sustainable. Furthermore, the team has a demonstrated track record of delivering foundational developer tools, and the budget is appropriately justified given that it represents a fairly reasonable and standard funding request for specialized repository oversight. Based on this, CF votes Yes. gov_action1k02...64d667 Withdraw 540,750 ada for Oura by TxPipe: Maintaining Cardano’s Event Pipeline YES The Oura by TxPipe proposal credibly contributes to infrastructure, developer decentralization, and ecosystem accessibility by providing essential open-source event data pipeline tooling that directly benefits a wide range of active deployments. The proposal is expected to drive sustained protocol-level engagement and protect ecosystem growth from the adverse risks of critical tool attrition to justify treasury investment. Furthermore, the team has established a reliable track record of building foundational developer solutions, and the budget is appropriately justified given that the funding request is neither excessive nor unrealistic for a dedicated maintenance resource. However, the proposal would benefit from increased clarity regarding its SLAs and explicit expectations for the full-time maintainer. Based on this, CF votes Yes. gov_action1k02...d0ztd8 Withdraw 540,750 ada for Pallas by TxPipe: Maintaining Cardano's Core Rust Libraries, Year 2 YES The Pallas by TxPipe proposal credibly contributes to infrastructure and research excellence because the deliverables target core, low-level building blocks that directly support critical downstream network dependencies like Amaru. The proposal is expected to drive sustained protocol-level engagement and safeguard foundational infrastructure that justifies treasury investment. Furthermore, the team has demonstrated the necessary expertise to maintain the solution, and the budget is appropriately justified given the essential utility and ongoing ecosystem reliance on the repository. However, the proposal would benefit from clearer resource guarantees to ensure the allocated developer actively manages and maintains the codebase. Based on this, CF votes Yes. gov_action1k02...72rg72 Withdraw 1,684,050 ada for Tx3 by TxPipe: Open API Layer for Cardano's dApp Protocols ABSTAIN The Tx3 by TxPipe proposal has potential to contribute to adoption, utility, and ecosystem growth as the deliverables target a standardized open interface layer, multi-language SDKs, and agent-facing tools designed to make decentralized protocols discoverable and composable. While this proposal has potential to drive future protocol-level engagement and enhance developer experiences, its immediate on-chain impact remains prospective rather than proven. Although the team has demonstrated a credible foundation with active public repositories and strong strategic alignment, the budget is not appropriately justified given an overly broad 12-month scope backed by a thin financial breakdown. Additionally, the proposal lacks crucial technical and governance evidence, including a specific protocol candidate list, detailed FTE allocations, cloud sizing parameters, explicit SLA assumptions, and concrete acceptance criteria. Based on this, CF votes Abstain. gov_action1k02...z9qdza Withdraw 540,750 ada for UTxO RPC by TxPipe: Maintaining Cardano’s Integration Standard, Year 2. YES The UTxO RPC by TxPipe proposal credibly contributes to ecosystem growth, infrastructure, and interoperability by providing a standardized integration surface and multi-language SDKs that systematically reduce developer friction. The proposal is expected to drive sustained protocol-level engagement by reinforcing node and client diversity across key projects like Amaru, Dingo, and the Haskell Cardano node that justifies treasury investment. Furthermore, the team has demonstrated a specialized track record as a protocol maintainer with strong public code and runtime evidence, and the budget is appropriately justified given the essential nature of shared open infrastructure. However, the proposal would benefit from increased specificity in its milestone definitions, including clearly defined maintenance SLAs, explicit mapping for version compatibility targets, and proper license file cleanup across all active repositories. Based on this, CF votes Yes. - YesChanged92.2M ₳History
Earlier votes
Abstain19d agoSuperseded
- No90.6M ₳Rationale
As a DRep, I vote NO on the proposal: Withdraw 3,961,538 ada for Bringing Real-World Payments to Cardano with Wirex
My rationale:
I support the strategic goal of bringing real-world payments to Cardano. Wirex has relevant experience in card issuance and regulated payment infrastructure.
However, I cannot approve this withdrawal as submitted because the proposal does not clearly explain what Cardano is actually receiving in exchange for Treasury funding.
The proposal uses broad language such as “the lack of integrated infrastructure to support real-world payments at scale” and “a full-stack, open-source payments infrastructure that enables onchain settlement through smart contracts while connecting Cardano to banking rails.”
These statements are too vague for a Treasury withdrawal of this size.
The main problem is that Cardano payment-card infrastructure already appears to exist in some form. EMURGO announced a partnership with Wirex at Cardano Summit 2025 to issue the Cardano Card. EMURGO stated that the card is natively integrated into the Wirex app, with Wirex as the issuer, and that users can spend with hundreds of cryptocurrencies and stablecoins, including ADA, BTC, ETH, and USDC, anywhere Visa is accepted.
EMURGO also stated that a share of profits is intended for the Cardano Treasury. The proposal should mention the current profit or how much has already been put into the Treasury.
The Cardano Card was described as being distributed by EMURGO and issued by Wirex. The proposal should describe what exactly is missing and what this Treasury proposal would deliver that is not already part of Wirex’s or EMURGO’s commercial roadmap.
Moreover, Wirex announced in May 2026 that it had partnered with SecondFi.
I am not claiming that EMURGO or SecondFi are formal participants in this Treasury withdrawal. The proposal text names Wirex as the vendor. But because EMURGO, Wirex, the Cardano Card, and SecondFi are already publicly connected in the Cardano payments context, the proposal should explicitly clarify whether EMURGO or SecondFi is involved in this work in any way.
This is especially important after the recent SecondFi security incident. SecondFi has announced that it will not resume normal operations.
After such an incident, DReps should be careful about who builds critical payment infrastructure. If EMURGO or SecondFi has any direct or indirect relationship to this proposal, that relationship should be disclosed clearly.
The proposal should also explain whether the recent SecondFi incident affects the feasibility and user-safety model of the Wirex proposal.
It should be explained in detail whether the Treasury is funding a defined Cardano public good or subsidizing the next phase of an already existing commercial card.
Conditions for approval of the proposal:
- Detailed description of the infrastructure that already exists and what specifically this proposal delivers.
- What specifically will be open-sourced.
- If and how EMURGO and SecondFi will participate in the project.
I would be open to a revised version of this proposal. I cannot justify approving this Treasury withdrawal in its current form.
If you'd like to support my work, consider delegating to the MANDA pool and backing me as a DRep. Your support is the only way I can get time for governance.
MANDA Pool ID:
pool1c3fjkls7d2aujud8y5xy5e0azu0ueatwn34u7jy3ql85ze3xya8My DRep ID:
drep1y2m0g4r66pyaw3p7u454wc0p4f0ygm8ueaev0mgd3tvwm7sskqwqpBuy me a beer:
https://pay.cexplorer.io/pay/c0410d5b237b6ec0 - No88.4M ₳Rationale
SIPO DRep votes Constructive No on "Bringing Real-World Payments to Cardano with Wirex."
SIPO's objection is structural. It is not directed at Wirex's competence, at the value of payments infrastructure for Cardano, or at the good faith of the vendor, and it attributes to Wirex no responsibility for events elsewhere in the ecosystem.
SIPO agrees with the goal. Cardano lacks integrated rails for everyday spending, merchant acceptance and fiat connectivity. The proposal's commitment to release its components as open-source public goods, reusable by other wallet providers, fintechs and stablecoin issuers without duplicating foundational work, is the right instinct. Wirex's execution record — more than seven million users, over $20 billion in processed volume, Visa Principal Member standing — is real. SIPO also notes this action shares the batch's strong fund-control: the Intersect Treasury Reserve Smart Contract, milestone-gated disbursement and a six-entity Oversight Committee. That is not the problem.
What SIPO cannot accept is the funding structure as disclosed. The proposal presents Wirex as a standalone vendor. It does not disclose that Wirex is the commercial partner of EMURGO — a Cardano founding entity, and a large DRep — in the Cardano Card, announced jointly at Cardano Summit 2025 and natively integrated into the Wirex app, whose publicly announced phase two is a non-custodial Cardano card solution slated for 2026. The infrastructure this withdrawal funds — Visa card issuance linked directly to on-chain balances, and native integration with self-custody wallets — sits squarely inside that announced scope. SIPO does not assert that the two are identical. SIPO asserts that the relationship is material, that DReps cannot properly evaluate this request without it, and that its absence is a disclosure failure under the standard SIPO applies consistently: relationships among proposer, beneficiary and voting DReps must be visible, and the involvement of founding entities must be stated.
That relationship is more material now, not less. EMURGO's own wallet and payments platform, SecondFi, has been permanently wound down, and EMURGO's continuing role there is confined to asset recovery for affected users. SIPO takes no position in this vote on the causes of that outcome, and attributes to Wirex no responsibility for it. But it does mean the Cardano Card is now the principal remaining vehicle for a founding entity's payments strategy — and a treasury withdrawal that underwrites that vehicle, without naming the relationship, is precisely the structure DReps are entitled to see and weigh before voting.
SIPO has drawn this line before and draws it consistently. SIPO voted No four times on Cardano Summit 2026 and TOKEN2049 Singapore, on the principle that founding entities should carry their own commercial and marketing costs rather than route them through the treasury. SIPO voted Yes, with expectations, on Cardano Critical Integrations V2 — a proposal that also involved founding entities, but which disclosed its five co-proposers and its prior receipts, and which funded ecosystem-wide integrations rather than one company's commercial product. The distinction is disclosure and public-good structure, not the identity of the parties.
Constructive alternatives. SIPO would reconsider a revised request that: (1) fully discloses the EMURGO commercial relationship and the scope boundary against the announced Cardano Card phases, with EMURGO's DRep declaring abstention in advance; (2) separates the genuinely public-good, open-source rails — settlement contracts, account abstraction, batched transactions, and the wallet and API layers — into their own governance action, leaving the commercial card product to be funded by its commercial partners; (3) includes a treasury revenue-return provision should card volume scale on treasury-funded rails; and (4) sequences behind the completion of asset recovery for users affected by the SecondFi wind-down, which SIPO regards as the ecosystem's more urgent obligation.
This No is a route to revision, not a rejection. This vote is SIPO DRep's recorded position.
SIPO DRep は「Bringing Real-World Payments to Cardano with Wirex」に建設的な反対（Constructive No）を投じます。
SIPO の反対は構造に対するものです。Wirex の能力、Cardano における決済インフラの価値、vendor の誠実さに向けたものではなく、エコシステム内の他所で起きた事象について Wirex に責任を帰するものでもありません。
SIPO は目的に同意します。Cardano には日常的な支出・加盟店決済・法定通貨接続のための統合されたレールが欠けています。本提案が、構成要素をオープンソースの公共財として公開し、他のウォレット提供者・fintech・ステーブルコイン発行体が基盤を重複開発せずに再利用できるようにするとコミットしている点は、正しい直感です。Wirex の実行実績（700 万人超のユーザー、200 億ドル超の処理量、Visa Principal Member）も実在します。また本アクションも、バッチ共通の強固な fund-control（Intersect Treasury Reserve Smart Contract、マイルストーンでゲートされた払い出し、6 社の Oversight Committee）を備えています。そこが問題なのではありません。
SIPO が受け入れられないのは、開示されたままの資金構造です。提案書は Wirex を独立した vendor として提示します。しかし、Wirex が EMURGO — Cardano の創設エンティティであり、かつ大口 DRep — の商業パートナーであること、両者が Cardano Summit 2025 で共同発表し Wirex アプリにネイティブ統合された「Cardano Card」の関係にあること、そして公表済みのフェーズ 2 が 2026 年予定の非カストディ型 Cardano カードであることを、提案書は開示していません。本引き出しが資金提供するインフラ — オンチェーン残高に直結した Visa カード発行、およびセルフカストディ・ウォレットへのネイティブ統合 — は、その公表済みスコープの中にそのまま位置します。SIPO は両者が同一だと断定はしません。SIPO が主張するのは、この関係は重要（material）であり、それなしに DRep は本要求を適切に評価できず、その不記載は SIPO が一貫して適用する基準に照らして開示の不備であるということです。すなわち、提案者・受益者・投票 DRep 間の関係は可視でなければならず、創設エンティティの関与は明示されねばなりません。
この関係の重要性は、今、下がるどころか上がっています。EMURGO 自身のウォレット・決済プラットフォームである SecondFi は恒久的に運用停止となり、EMURGO の継続的関与は被害ユーザーへの資産回復に限定されています。SIPO は本投票においてその原因について立場を取らず、また Wirex に一切の責任を帰しません。しかしそれは、Cardano Card が今や創設エンティティの決済戦略に残された主要な器であることを意味します。そしてその器を、関係を名指ししないまま国庫が引き受ける構造は、まさに DRep が投票前に見て検討する権利のあるものです。
SIPO はこの線を以前にも引いており、一貫して引きます。SIPO は Cardano Summit 2026 と TOKEN2049 Singapore に 4 度の反対を投じました。創設エンティティは自らの商業・マーケティング費用を、国庫経由ではなく自ら負担すべきだという原則によります。一方 SIPO は Cardano Critical Integrations V2 には期待事項付きで賛成しました。同案も創設エンティティが関与しますが、5 者の共同提案者と過去の受領実績を開示し、一企業の商業製品ではなくエコシステム全体の統合に資金を出すものでした。分かれ目は開示と公共財としての構造であって、当事者が誰かではありません。
建設的な代替案。SIPO は、以下を満たす改訂要求であれば再検討に開かれています。(1) EMURGO との商業関係と、公表済み Cardano Card 各フェーズに対するスコープ境界を完全に開示し、EMURGO の DRep が事前に棄権を表明すること。(2) 真に公共財であるオープンソースのレール — 決済コントラクト、アカウント抽象化、バッチトランザクション、ウォレットおよび API 層 — を独立したガバナンスアクションに分離し、商業カード製品はその商業パートナーが資金負担すること。(3) 国庫資金で構築したレール上でカード取扱高が拡大した場合の収益還元条項を設けること。(4) SecondFi の運用停止で影響を受けたユーザーの資産回復の完了を先行させること。SIPO はこれをエコシステムにとってより緊急の責務と考えます。
この反対は否定ではなく、改訂への道筋です。本投票は SIPO DRep の記録上の立場表明です。
- No85M ₳Rationale
I am unconvinced this is prudent spending given competing demands on the Cardano Treasury and how quickly the Treasury will reach zero given current spending levels.
- Yes76.7M ₳No rationale
- Yes75.9M ₳Rationale
I support this proposal because it addresses one of Cardano's most important adoption gaps: real-world payments.
Building open infrastructure for on-chain settlement, Visa card integration, self-custody wallet connectivity, and stablecoin-based payment rails has the potential to significantly increase Cardano's real-world utility and everyday usage.
Wirex also brings substantial operational experience, with an established user base and proven payment infrastructure, giving confidence that this initiative can move beyond concept into practical deployment. More importantly, this proposal has the potential to attract new users and real economic activity to the Cardano ecosystem rather than simply improving existing infrastructure.
I encourage continued transparency through clear KPIs demonstrating Cardano-specific adoption, transaction activity, and ecosystem impact, along with regular progress reporting.
Overall, I believe this proposal represents a meaningful investment in Cardano's RealFi vision and long-term ecosystem adoption, and I vote Yes.
本提案は、Cardanoに不足している「現実世界で利用できる決済インフラ」を構築する重要な取り組みであると評価します。
Visaネットワークとの接続、オンチェーン決済、セルフカストディウォレットとの連携、ステーブルコイン対応など、Cardanoを日常的な決済に活用するための基盤整備は、ネットワーク利用の拡大と実用性向上に大きく貢献すると考えます。
また、Wirexは既に数百万規模のユーザーと決済実績を有しており、実際のサービス展開を実現できる経験と実績を備えています。新たな技術を開発するだけでなく、Cardanoへ新たなユーザーや実需を呼び込む可能性を持つ点も高く評価します。
今後は、Cardano固有の利用拡大がどの程度実現したかを示すKPIや、利用状況・成果について継続的かつ透明性の高い報告を期待します。
総合的に、本提案はCardanoのRealFiおよび実社会での採用を加速させる価値の高い投資であると判断し、賛成します。
- Abstain74.6M ₳No rationale
- No73.6M ₳Rationale
I am voting NO on the Bringing Real World Payments to Cardano with Wirex treasury withdrawal. While establishing payment infrastructure and Visa integration could expand ecosystem utility, the budget request of nearly four million ADA is exceptionally high.
A PDF version of this rationale is also made available.
I am voting NO on the Bringing Real World Payments to Cardano with Wirex treasury withdrawal. While establishing payment infrastructure and Visa integration could expand ecosystem utility, the budget request of nearly four million ADA is exceptionally high. This represents a high risk endeavor lacking any profit specifics or sharing schemes for treasury reimbursement, and I ultimately do not feel the ask justifies the value returned.
- Yes62.7M ₳No rationale
- No53.8M ₳Rationale
I'm voting No on the Bringing Real-World Payments to Cardano with Wirex proposal.
I recognize Wirex as an established, regulated payments company with 7 million users and Visa Principal Member status. Still, I don't think this proposal justifies treasury funding.
First, this is an overly familiar business model. Crypto-linked cards from Crypto.com, Binance, Coinbase and others are already everywhere, yet none has turned them into a transformative success or driven meaningful volume and users to a network.
A crypto card is unlikely to bring the kind of durable on-chain activity or user growth that would justify this spend for Cardano.
Second, this isn't even a new venture. The Cardano Card was already launched commercially in 2025 through an EMURGO and Wirex partnership, with Wirex as the issuer.
Asking the treasury to now fund infrastructure for a product these same parties have already brought to market makes little sense. This is a commercial business, driven by commercial motives, that the parties are already pursuing on their own.
Integrating a new chain is the kind of expansion a company normally funds from its own R&D budget.
If Cardano integration were genuinely meaningful to Wirex's users and volume, there would be ample incentive to do it without a subsidy. If Wirex believes in that value, it should pursue it with its own investment, not the treasury.
For these reasons, I'm voting No.
- Abstain51M ₳Rationale
Because of fundamental concerns with the current treasury process, I vote Abstain on all Treasury Withdrawal proposals until the treasury budgeting process undergoes fundamental reform.
More information: https://x.com/ada_stat/status/2068315882539921703
- No50.4M ₳Rationale
I am voting No on this proposal. This year's Net Change Limit (NCL) has been set well above the level I consider sustainable. Under my published voting framework, an appropriate NCL is roughly 15% of the previous year's staking rewards (on the order of ₳82M), whereas the NCL currently in force is several times that amount. Because the treasury is already authorized to disburse far beyond my personal NCL threshold, I am voting No on all treasury withdrawal proposals until aggregate withdrawals are brought back within a sustainable limit — regardless of the individual merits of any single proposal. This vote reflects a position on total treasury spend, not a judgment on the value of your specific project. Reference: https://coffeepool.jp/notes/drep-voting-framework-for-sustainable-ecosystem/ [Japanese version follows] 本提案に反対票を投じます。今年のNet Change Limit（NCL）は、私が持続可能と考える水準を大幅に上回って設定されています。公開済みの投票フレームワークでは、適正なNCLは前年のステーキング報酬の約15%（₳82M程度）ですが、現行のNCLはその数倍に達しています。トレジャリーは既に私のpersonal NCL（個人として許容する上限）を大きく超える出金が認められている状態にあるため、出金総額が持続可能な範囲に戻るまで、個別提案の良し悪しに関わらず、すべてのトレジャリー出金提案に反対票を投じます。本投票はトレジャリー支出全体に対する立場の表明であり、貴提案の価値そのものを否定するものではありません。参照: https://coffeepool.jp/notes/drep-voting-framework-for-sustainable-ecosystem-jp/
- Yes50.2M ₳Rationale
Same rationale as the one presented for the Intersect budget.
- Yes49.5M ₳No rationale
- Yes47.5M ₳No rationale
- Yes39.9M ₳No rationale
- YesChanged37.4M ₳History
Earlier votes
No22d agoSuperseded
- Yes37.3M ₳No rationale
- Yes34.5M ₳No rationale
- Yes34.4M ₳Rationale
Socious votes Yes. This 3,961,538 ADA withdrawal funds an integration with Wirex to bring real-world payments to Cardano — connecting Cardano assets to consumer payment rails so ADA and Cardano-native assets become spendable in everyday commerce rather than only tradable. Socious weighs this one differently from the infrastructure asks in this batch: it is adoption spend, not core plumbing, and its payoff depends on commercial execution we cannot verify from the outside. What carries the vote is process: the proposal was scrutinized and approved through the Intersect community budget process alongside the rest of this batch, and funds are disbursed under milestone-based, smart-contract-controlled administration, so payment is tied to delivery. Consistent with Socious's policy of supporting the outcomes of that vetting process, we vote Yes.
Sociousは賛成します。本引き出し（3,961,538 ADA）は、Wirexとの統合により実世界の決済をCardanoにもたらすもので、Cardanoの資産を消費者向け決済レールに接続し、ADAとCardanoネイティブ資産を「取引できるだけ」でなく日常の商取引で「使える」ものにすることを目指します。Sociousは本件を同バッチのインフラ案件とは異なる性質のものと見ています。中核的な配管ではなく普及への投資であり、その成果は外部から検証できない商業的実行力に依存します。賛成の決め手はプロセスです。本提案はバッチの他案件とともにIntersectのコミュニティ予算プロセスで精査・承認され、資金はマイルストーンベースのスマートコントラクト管理下で執行されるため、支払いは成果物に紐づきます。この審査プロセスの結果を支持する方針に沿い、賛成します。
- No31.4M ₳Rationale
I vote NO.
I recognize the value of this proposal in bringing real‑world payments infrastructure to Cardano and appreciate Wirex’s track record and the open‑source components it would deliver. This would clearly contribute to adoption and utility.
That said, given the current Treasury balance and Net Change Limit utilization, I cannot support funding for initiatives that are not strictly essential to Cardano’s operational continuity. To preserve long‑term financial sustainability and prioritize core life‑support infrastructure, I must vote against this proposal. - Yes30.6M ₳No rationale
- No28M ₳No rationale
- No27.9M ₳Rationale
I was previously leaning in favor of this proposal, but after the SecondFi hack and the team's affiliation with them I think it's probably best to let that situation finish playing out before the treasury commits funds in this direction.
- No26.1M ₳Rationale
Commerce is important, but concerns around structure, ownership, and ecosystem alignment prevented support.
- No25.3M ₳Rationale
I am voting No on Withdraw 3,961,538 ada for Bringing Real-World Payments to Cardano with Wirex. As a competitor I would vote abstain but as an expert I vote no because the proposed approach is naive as a go-to-market for Cardano and thus an absolute wasted spend.
- No23.6M ₳Rationale
Wirex has already basically rugged the Cardano Card they made with EMURGO. Absolutely no more.
- Abstain21.5M ₳Rationale
This vote corresponds with my previous vote on the Hydra Voting platform.
- Abstain21.4M ₳No rationale
- Yes20.9M ₳No rationale
- Abstain20.4M ₳No rationale
- Yes20.3M ₳No rationale
- Yes20M ₳Rationale
As voted in Ekklesia, I vote yes on this proposal. I had hoped Intersect would bundle the winning proposals in one.
- Yes17.4M ₳Rationale
Withdraw 3,961,538 ada for Bringing Real-World Payments to Cardano with Wirex
- No16.9M ₳Rationale
We recognize the strategic value of real-world payments, card access, and stablecoin rails for Cardano.
However, the proposal is too high-level for a multi-million ADA withdrawal. It lacks enough detail on budget allocation, milestones, compliance dependencies, maintenance, and Cardano-specific adoption targets.
The public-good component is also not clear enough: what will be open-source, under what license, and whether other Cardano builders can reuse it independently of Wirex.
Because this mainly supports commercial payment infrastructure without strong enough public-good guarantees or ecosystem value capture, we vote NO.
- No14.1M ₳No rationale
- Abstain13.3M ₳Rationale
RCADA abstains on Withdraw 3,961,538 ada for Bringing Real-World Payments to Cardano with Wirex.
This is a constructive abstention.
RCADA supports the goal of bringing real-world payments to Cardano. Practical payment infrastructure, card access, stablecoin rails, wallet integrations, and fiat-connected financial activity could help Cardano move beyond speculative use cases and toward everyday economic utility. Wirex also brings relevant experience, including an existing payments business, card infrastructure, and a large user base.
However, this proposal raises important questions around public-good boundaries, commercial dependency, delivery complexity, and long-term ecosystem benefit. The request is sizeable at 3,961,538 ADA, and although the proposal describes open-source payments infrastructure, the practical value appears closely connected to Wirex’s own regulated payment rails, card programme, compliance stack, and commercial product strategy.
RCADA’s main concern is whether the Treasury is funding broadly reusable Cardano payments infrastructure, or primarily subsidising a commercial provider’s Cardano integration. Real-world payments are important, but Treasury funding should produce clear, measurable, ecosystem-wide value that can be used by builders, wallets, merchants, stablecoin providers, and users beyond one company’s product environment.
The regulatory and operational complexity is also significant. Card issuance, banking rails, stablecoin systems, fiat connectivity, KYC/AML obligations, supported jurisdictions, and payment-provider relationships can all affect delivery and adoption. These risks are not necessarily reasons to reject the proposal, but they do raise the standard for milestone clarity, reporting, open-source deliverables, and accountability.
RCADA also notes the precedent risk. If this proposal is approved, it may encourage more commercial fintech and payment providers to seek Treasury support for integrations. That could be positive if handled through a clear framework, but without strong standards it may blur the line between public infrastructure funding and commercial business development.
At the same time, RCADA does not want to dismiss the opportunity. Cardano needs more real-world utility, and payments remain one of the most important adoption pathways. Wirex has credible experience in this sector, and the proposal has passed through the Intersect budget process with structured administration, oversight, milestone-based disbursement controls, and public dashboard visibility.
For these reasons, RCADA abstains rather than voting no. This abstention is not opposition to Wirex or to real-world payments on Cardano. It is a signal that the objective is worthwhile, but the proposal does not yet give RCADA enough confidence that the funded outputs will be sufficiently open, reusable, measurable, and ecosystem-wide to justify full support at this level of Treasury funding.
RCADA would be more comfortable supporting future proposals of this type if they include clearer separation between open-source public infrastructure and vendor-specific commercial integration, stronger adoption metrics, defined jurisdictional rollout plans, transparent milestone reporting, and evidence that Cardano builders and wallet providers can reuse the funded components independently of Wirex’s own product stack.
RCADA's full vote assessment can be found here:
https://brolloks.github.io/rcada-drep-votes/ - Yes12.1M ₳Rationale
We vote yes on this governance action because we believe it addresses one of the most important strategic gaps in the Cardano ecosystem: enabling seamless real-world payments through robust, production-ready infrastructure. While Cardano has made significant progress in decentralization, governance, and smart contract capabilities, it is obvious that widespread consumer and merchant payment adoption remains limited. This proposal seeks to bridge that gap by developing foundational payment infrastructure that can support real-world financial applications and expand Cardano's utility beyond traditional blockchain use cases.
A key strength of this proposal is its focus on creating reusable, open-source infrastructure rather than a single proprietary application. The proposed work including payment settlement mechanisms, account abstraction, batched transactions, wallet and API infrastructure, and payment rails has the potential to serve as a foundation upon which wallets, fintech companies, merchants, and developers can build. Investments in shared infrastructure create ecosystem-wide benefits, lower barriers to entry for future innovation, and align well with the Treasury's objective of funding public goods that generate long-term value for the entire Cardano community.
We are also encouraged by the experience of the execution team. Delivering secure and compliant payment systems requires expertise that extends beyond blockchain development into regulated financial services, payment operations, and consumer-facing products. The team's established track record in operating payment infrastructure at scale provides confidence that they possess the technical and operational capability to execute a project of this complexity. Furthermore, the proposal indicates that the execution team has not received Cardano Treasury funding within the previous 24 months, making this an opportunity to bring an experienced external contributor into the ecosystem rather than repeatedly funding existing recipients.
At the same time, we recognize that the proposal would benefit from stronger public accountability mechanisms. Greater transparency around milestone definitions, detailed budget allocations, measurable adoption targets, and long-term maintenance commitments would improve the community's ability to evaluate progress and ensure effective stewardship of Treasury resources. We encourage the execution team to provide regular public reporting, maintain transparent development practices, and ensure that all funded deliverables remain openly accessible and independently verifiable.
Despite these considerations, we believe the proposal's strategic value outweighs its shortcomings. Payments remain one of the most compelling pathways for driving sustainable on-chain activity and mainstream adoption. If successfully delivered, this infrastructure could enable new commercial applications, improve the user experience for consumers and businesses, and strengthen Cardano's position as a platform for real-world financial innovation.
Our position is also consistent with our previous support for infrastructure-focused initiatives, including our support during the Hydra funding process. In both cases, we prioritize investments that strengthen Cardano's long-term capabilities, expand opportunities for ecosystem participants, and create foundational public goods that benefit the network as a whole.
- Yes10.9M ₳No rationale
- Yes10.8M ₳No rationale
- No10.4M ₳Rationale
Any partnerships with Emurgo or involving Emurgo should be down voted until the security issues are resolved. Emurgo currently can not be trusted to operate in a secure fashion