MoonPay Enters Stablecoin Rush, Launches Issuance Business

Crypto payments firm MoonPay Inc. will start issuing and managing stablecoins on behalf of clients, as demand for dollar-pegged tokens has soared in the wake of US legislation.

The New York-based company will use its existing money transmitter licenses to offer the service across all US states, Zach Kwartler, MoonPay’s newly appointed head of stablecoins, said in an interview. Kwartler joined the company from stablecoin issuer Paxos Inc. in September, where he previously built stablecoin and crypto infrastructure products for clients like PayPal Holdings Inc., Interactive Brokers Group Inc. and MercadoLibre Inc.