MoonPay, a crypto payments firm, expands issuance services amid rising demand for usd pegged tokens. The moonpay stablecoin offering will serve clients across the US through managed issuance and operations.
Summary
How does the moonpay stablecoin business operate?
The New York-based MoonPay Inc. will use its existing money transmitter licenses to offer the service across all US states, according to newly appointed head of stablecoins Zach Kwartler. Moreover, its money transmitter licenses underpin the rollout of these stablecoin issuance services nationwide.
Who is leading the initiative?
The former Paxos Inc. stablecoin executive joined MoonPay in September, after building stablecoin and crypto infrastructure products for clients including PayPal Holdings Inc., Interactive Brokers Group Inc. and MercadoLibre Inc. Meanwhile, his remit as newly appointed head of stablecoins signals a push into institutional stablecoin issuance.
Why now amid a stablecoin regulation update?
Demand for dollar-pegged tokens has surged in the wake of US legislation, shaping adoption timelines for issuers and enterprises. However, ongoing proposals such as the Clarity for Payment Stablecoins Act (H.R. 4766) continue to define the guardrails for nonbank issuers.
In sum, the moonpay stablecoin initiative positions MoonPay to issue and manage tokens for clients across the country, leveraging money transmitter licenses and enterprise-grade experience.
