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Crypto wallet provider Exodus has partnered with payment processor MoonPay to launch a US dollar-backed stablecoin in early 2026, integrated directly into Exodus’s self-custodial wallet via a new payments feature called Exodus Pay.
The stablecoin, which remains unnamed, will be built on M0’s infrastructure platform and distributed through MoonPay’s global payments network.
Unlike dominant stablecoins like Tether’s USDT and Circle’s USDC—primarily used for trading—Exodus and MoonPay are positioning their token as a consumer-focused alternative for everyday spending while maintaining user control of funds.
At the centre of the initiative is Exodus Pay, a forthcoming payments feature within the Exodus app that will integrate the new digital dollar directly into its self-custodial wallet ecosystem.
The companies say the goal is to allow users to spend, send, and hold digital dollars globally without surrendering custody of their funds or needing deep technical knowledge of blockchains.
Exodus, best known for its non-custodial wallet used by millions worldwide, is betting that simplicity and user experience, not just liquidity, will determine the next phase of stablecoin adoption.
While stablecoins have become a cornerstone of crypto trading and decentralised finance, their use in everyday commerce has remained limited by fragmented infrastructure and clunky interfaces.
“Stablecoins are quickly becoming the simplest way for people to hold and move dollars on-chain, but the experience still needs to meet the expectations set by today’s consumer apps,” said JP Richardson, co-founder and CEO of Exodus.
“Our goal is to make digital dollar payments feel as seamless as the financial apps people already use, starting with Exodus Pay.”
For investors, the emphasis on self-custody is notable. As regulatory scrutiny intensifies around centralised custodians, products that allow users to retain direct control of assets while still enabling practical payments may gain strategic value.
MoonPay will be responsible for distributing the stablecoin across its global payments network, supporting buying, selling, swapping, deposits, and checkout services.
The companies say this broad integration is designed to give the digital dollar immediate real-world utility for consumers, merchants, and partner applications from launch.
The stablecoin will be built using M0, an infrastructure platform that allows issuers to create programmable and interoperable fiat-backed tokens tailored to specific product needs.
Unlike one-size-fits-all stablecoins, M0’s model is designed to let enterprises customise how a digital dollar behaves across different use cases and blockchains.
“Enterprises want stablecoins that are programmable, interoperable, and tailored to a specific product experience,” said Luca Prosperi, co-founder and CEO of M0. “Our infrastructure is built to support that flexibility at scale.”
MoonPay’s role reflects its broader push into enterprise coin services. In November, the company launched a business line focused on issuing and managing compliant digital dollars for partners, signalling a shift from being primarily an on-ramp provider to becoming a core piece of the coin infrastructure.
The Exodus–MoonPay announcement comes amid renewed momentum across the coin sector following the passage of the GENIUS Act in July.
The legislation established a federal regulatory framework for fiat-backed stablecoins in the US, providing clearer rules around reserves, issuance, and oversight—long a sticking point for institutional adoption.
Since the law’s passage, both banks and crypto-native firms have accelerated plans to issue proprietary digital dollars.
Recent launches and announcements include the Trump family-linked World Liberty Financial’s USD1 stablecoin, Stripe’s rollout of coin-based accounts in more than 100 countries, and Tether’s plans for a regulatory-compliant token known as USAT.
For investors, the regulatory clarity cuts both ways. While it lowers barriers for new entrants, it also raises compliance costs and may favour firms with strong infrastructure partners—such as MoonPay and M0—over smaller issuers.
Despite the surge of new projects, the stablecoin market remains highly concentrated. Tether’s USDT continues to dominate with roughly 60% market share and an estimated $186 billion in circulation.
Circle’s USDC follows with about 25% of the market and a capitalisation near $78 billion. Together, the two account for roughly 85% of the $310 billion global stablecoin market.
Breaking into that duopoly will be difficult. Rather than competing head-on for trading liquidity, Exodus and MoonPay appear to be targeting a different niche: consumer payments anchored in self-custody and embedded directly into a user-friendly wallet.
For crypto investors watching the sector, the partnership underscores a broader shift in strategy. As regulation tightens and competition intensifies, the next wave of stablecoin growth may hinge less on who issues the biggest token—and more on who delivers a product that people actually use to pay.
