- MoonPay has launched a stablecoin suite enabling companies to issue and manage stablecoins across multiple blockchains.
- The new offering expands MoonPay’s services from fiat-to-crypto on-ramps to full stablecoin infrastructure including issuance, swaps, and payments.
- The platform integrates with M0, supporting application-specific stablecoin creation.
- Leadership includes former Paxos executives overseeing stablecoin and liquidity operations.
- MoonPay enters a competitive market alongside firms like Fireblocks and startups like Native Markets for stablecoin issuance.
MoonPay, a crypto payment platform, has introduced a stablecoin suite designed for companies to issue and operate stablecoins on multiple blockchains. The launch, announced Thursday, marks the company’s move beyond fiat-to-crypto on-ramps to providing a comprehensive stablecoin infrastructure covering issuance, swaps, payments, and ramps, according to a company statement.
The new stablecoin services incorporate an integration with M0, a platform that enables the creation of customized application-specific stablecoins. Luca Prosperi, co-founder and CEO of M0, stated, “By integrating with the M0 platform, MoonPay becomes a key provider of stablecoin infrastructure, spanning on/off ramps, payments, and now custom issuance.”
The initiative will be led by Zach Kwartler, the newly appointed head of stablecoins at MoonPay, who has experience developing white-label stablecoin products at Paxos. Derek Yu, former treasurer at Paxos, joins as well to manage cash, liquidity, and stablecoin operations for the company.
The move places MoonPay in a crowded stablecoin infrastructure market. Since the passage of the U.S. GENIUS Act in July, more stablecoin issuers have entered the space, competing for market share. For instance, in September, decentralized finance exchange Hyperliquid sought a stablecoin issuer for its native token HYPE. Multiple proposals came from entities like Paxos, Frax Finance, Agora, Sky, OpenEden, Bitgo, and Curve, but the contract was awarded to Native Markets, a startup established by prominent crypto figures Max Fiege, Mary-Catherine Lader, and Anish Agnihotri, specifically for this purpose.
Another competing provider is Fireblocks, a company offering tokenization and minting infrastructure to banks and fintech firms for issuing stablecoins. In October, Fireblocks expanded its institutional services by acquiring Dynamic, a provider focused on enterprise wallet solutions.
The stablecoin market continues to grow and diversify as companies like MoonPay enhance their enterprise offerings. The total stablecoin market cap can be tracked through sources such as DefiLlama.com.
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