Hassan Maishera
TL;DR
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Cryptocurrency wallet provider Exodus is launching a fully reserved, USD-backed stablecoin.
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MoonPay is set to power self-custodial payments in its crypto wallet app.
Exodus Enters the Stablecoin Market
Crypto wallet provider Exodus has partnered with MoonPay to launch a fully reserved, USD-backed stablecoin. This latest development marks Exodus’s entrance into the competitive stablecoin ecosystem.
According to the official announcement, MoonPay will issue and manage the stablecoin, with support from stablecoin infrastructure provider M0. The stablecoin will go live in January, with network and product details to be released soon.
This latest development means that Exodus is joining a small group of public companies that have launched stablecoin products, including Circle (USDC), PayPal (PYUSD), and Fiserv (FIUSD).
Exodus added that the stablecoin will be important to its upcoming product, Exodus Pay. This product will allow users to make everyday payments in crypto without sacrificing self-custody.
Users can spend and send the digital dollar through the Exodus app while earning rewards and avoiding the complexity of typical crypto transactions.
While commenting on the launch, JP Richardson, co-founder and CEO at Exodus, stated that,
“Stablecoins are quickly becoming the simplest way for people to hold and move dollars onchain. But the experience still needs to meet the expectations set by today’s consumer apps.”
The stablecoin could allow users to send money internationally or pay for coffee using the Exodus app without leveraging a centralized exchange.
MoonPay CEO Ivan Soto-Wright added that,
“This launch shows what’s possible when a consumer-first product integrates compliant stablecoin issuance with infrastructure and distribution that can operate at a global scale.”
The stablecoin will be accessible via MoonPay’s global network, including its buy, sell, and swap tools. However, rollout of the stableciin will depend on regulatory approval in various markets.
This latest development comes three weeks after Exodus acquired W3C in a deal worth $175 million as it expands its end-to-end payments stack.
