Crypto payments platform MoonPay has launched a new stablecoin suite that allows businesses to issue and manage stablecoins across multiple blockchains, supported by an integration with M0.
Collaboration provides companies with a stack to launch and distribute their own stablecoins at scale, MoonPay said THURSDAY. The deployment marks MoonPay’s expansion from a fiat-to-crypto on-ramp to a complete stablecoin infrastructure, covering issuance, on-ramps, swaps and payments.
“By integrating with the M0 platform, MoonPay becomes a key provider of stablecoin infrastructure, covering on/off ramps, payments and now custom issuance,” said Luca Prosperi, co-founder and CEO of M0, a platform that powers application-specific stablecoin builders.
The initiative will be led by Zach Kwartler, MoonPay’s new head of stablecoins, who previously helped create Paxos’ white-label stablecoin products, while former Paxos treasurer Derek Yu will oversee treasury, liquidity and stablecoin operations.
Related: UK risks falling behind US, EU without GBP stablecoin: Fintech director
Stablecoin Infrastructure Companies
As MoonPay pivots into the stablecoin infrastructure space, it enters a crowded field. Since the passage of the USA GENIUS Law in July, the number of stablecoin issuers increased and are fighting for market share.
In September, when decentralized finance (DeFi) perpetual futures exchange Hyperliquid announced it was seeking a issuer of a new native stablecoin (HYPE), proposals are pouring in from PaxosFrax Finance, Agora, Sky, OpenEden, Bitgo and Curve.
In the end, the the offer went to Native Marketsa startup created by crypto investor Max Fiege, former Uniswap Labs president Mary-Catherine Lader and researcher Anish Agnihotri, with the sole purpose of issuing HYPE.
Another competitor to MoonPay is Fireblocks, which provides tokenization and minting infrastructure that allows banks and fintechs to issue and manage their own stable coins.
In October, the company expanded its institutional offering by acquiring Dynamic, a provider of enterprise wallets.
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