Crypto funds platform MoonPay has launched a brand new stablecoin suite that enables corporations to challenge and handle stablecoins throughout a number of blockchains, supported by an integration with M0.
The collaboration gives enterprises a stack to launch and distribute their very own stablecoins at scale, MoonPay mentioned on Thursday. The rollout marks MoonPay’s enlargement from a fiat-to-crypto on-ramp to a full-stack stablecoin infrastructure, masking issuance, ramps, swaps and funds.
“By integrating with the M0 platform, MoonPay turns into a key supplier of stablecoin infrastructure, spanning on/off ramps, funds, and now customized issuance,” mentioned Luca Prosperi, co-founder and CEO of M0, a platform powering builders of application-specific stablecoins.
The initiative will likely be led by Zach Kwartler, MoonPay’s new head of stablecoins, who beforehand helped construct Paxos’ white-label stablecoin merchandise, whereas former Paxos treasurer Derek Yu will oversee money, liquidity and stablecoin operations.
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Stablecoin infrastructure corporations
As MoonPay pivots into the stablecoin infrastructure area, it’s coming into a crowded area. Because the passage of the US GENIUS Act in July, the variety of stablecoin issuers has been rising and battling for market share.
In September, when the decentralized finance (DeFi) perpetual futures alternate Hyperliquid introduced it was in search of an issuer for a brand new native stablecoin (HYPE), proposals got here pouring in from Paxos, Frax Finance, Agora, Sky, OpenEden, Bitgo and Curve.
In the end, the bid went to Native Markets, a startup created by crypto investor Max Fiege, former Uniswap Labs president Mary-Catherine Lader and researcher Anish Agnihotri, solely for the aim of issuing HYPE.
One other MoonPay competitor is Fireblocks, which offers tokenization and minting infrastructure that lets banks and fintechs challenge and handle their very own stablecoins.
In October, the corporate expanded its institutional choices by buying Dynamic, a supplier of enterprise-focused wallets.
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