US Exodus also joins stablecoin push…teams up with MoonPay to launch digital dollar

Exodus, a US-listed crypto wallet company, is entering the stablecoin market. In partnership with payments infrastructure firm MoonPay, it will launch a dollar-based stablecoin and join the competitive landscape alongside existing issuers such as Circle and PayPal.

According to CoinDesk on the 17th (local time), Exodus plans to introduce a US dollar stablecoin backed by full reserves together with MoonPay. The stablecoin will be issued and managed by MoonPay and operated with support from stablecoin infrastructure firm M0 (M0). The token launch is scheduled for January next year, and specific network and product details will be disclosed later.

This stablecoin will serve as a core means for Exodus's upcoming payment feature, Exodus Pay. Users will be able to send or pay digital dollars within the Exodus app without going through centralized exchanges, and it is designed to enable everyday payments while maintaining a self-custody (self-custody) structure.

With this launch, Exodus joins the small group of publicly listed companies participating in stablecoin issuance. The current market includes Circle's US dollar stablecoin USDC, PayPal's PYUSD, and Fiserv's FIUSD. Exodus is promoting the combined wallet and payment experience as its differentiation point.

JP Richardson, co-founder and CEO of Exodus, said, "Stablecoins are becoming the simplest way for people to hold and move dollars on-chain," adding, "Now we must provide an experience that meets the expectation levels set by today's consumer apps." He added, "It will be possible to make overseas remittances or everyday payments without complex wallet setups or going through centralized exchanges."

MoonPay also emphasized the significance of the collaboration. Ivan Soto-Wright, CEO of MoonPay, said, "This launch shows what is possible when consumer-centric products combine regulated-compliant stablecoin issuance with infrastructure that can operate at global scale," calling it "an example that proves branded digital dollars can be naturally embedded into financial services." However, the timing of the service launch may vary depending on the schedule of regulatory approvals in each country.