The cryptocurrency payment platform MoonPay has launched a stablecoin solution that enables businesses to issue and manage stablecoins across multiple blockchains, supported through integration with M0.
MoonPay announced on Thursday that this collaboration provides a complete technology stack for businesses to issue and distribute their own stablecoins at scale. This release marks MoonPay's upgrade from a fiat-to-crypto channel service provider to a full-stack stablecoin infrastructure provider covering issuance, channels, exchange, and payments.
“The integration with the M0 platform positions MoonPay as a key stablecoin infrastructure provider, covering entry and exit channels, payments, and customized issuance,” said Luca Prosperi, co-founder and CEO of M0. M0 is a platform focused on building application-based stablecoins.
The project will be led by Zach Kwartler, MoonPay's newly appointed head of stablecoins, who previously participated in the development of Paxos' white-label stablecoin products; while former Paxos CFO Derek Yu will be responsible for cash, liquidity, and stablecoin operations.
As MoonPay transitions into the stablecoin infrastructure space, competition in this field is intensifying. Since the passage of the U.S. GENIUS Act in July, the number of stablecoin issuers has been increasing, leading to fierce competition for market share.
In September, decentralized finance (DeFi) perpetual contract exchange Hyperliquid announced it was seeking new native stablecoin (HYPE) issuers, prompting proposals from Paxos, Frax Finance, Agora, Sky, OpenEden, Bitgo, and Curve.
Ultimately, the winning bid came from Native Markets—a startup founded specifically for the issuance of HYPE by crypto investor Max Fiege, former Uniswap Labs president Mary-Catherine Lader, and researcher Anish Agnihotri.
Another competitor of MoonPay, Fireblocks, provides tokenization and minting infrastructure for banks and fintech companies, enabling them to independently issue and manage various stablecoins.
In October, the company further expanded its institutional product line by acquiring Dynamic, a provider focused on enterprise wallet services.
Related: Bitfarms' stock plummets 18% after announcing a gradual shutdown of its Bitcoin (BTC) mining operations.
Original article: “MoonPay launches enterprise-grade stablecoin suite M0, attracting former Paxos executives”
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