Exodus, a prominent digital asset platform, is gearing up to make a significant entry into the stablecoin market by partnering with crypto payments firm MoonPay. This development comes amid an increasingly competitive landscape fueled by clearer regulatory guidelines from the United States, particularly following the passage of the GENIUS Act, which established a federal framework for fiat-backed stablecoins.
Scheduled for launch in early 2026, Exodus plans to introduce a fully reserved, US dollar-backed stablecoin. Although the token has yet to be named, it will be issued and managed by MoonPay and developed using the M0 platform—a cutting-edge infrastructure that enables companies to design, issue, and operate custom stablecoins.
The upcoming stablecoin is specifically designed to facilitate everyday consumer transactions, as opposed to speculative trading. The aim is to enable users to send and spend digital dollars seamlessly, even if they lack extensive knowledge of blockchain technology. Moreover, the stablecoin will integrate directly into Exodus Pay, allowing users to maintain self-custody over their funds while engaging in transactions.
JP Richardson, CEO and co-founder of Exodus, outlined the importance of user experience in the adoption of stablecoins. He pointed out that despite their growing popularity as a means to move dollars on-chain, the user experience remains a significant barrier. For stablecoins to penetrate everyday payment scenarios effectively, they must align with the speed, simplicity, and reliability expected from contemporary financial applications.
The partnership between Exodus and MoonPay highlights the increasing role of infrastructure providers like M0, which offers an open framework for enterprises seeking programmable and interoperable stablecoins tailored to specific experiences. M0 co-founder Luca Prosperi emphasized the demand from enterprises for customized stablecoins rather than generic solutions.
This initiative coincides with what industry insiders are calling a stablecoin “gold rush” sparked by regulatory clarity in the U.S. Following the enactment of the GENIUS Act in July, various banks and crypto firms have rushed to launch their own stablecoin products. Notable examples include World Liberty Financial’s USD1 stablecoin, which launched in March, and Stripe’s stablecoin-based accounts introduced across over 100 countries in May. Additionally, Tether has announced plans for a regulatory-compliant stablecoin named USAT.
Despite this influx of new entrants, the stablecoin market remains heavily concentrated, with Tether’s USDT commanding around 60% market share and Circle’s USDC holding approximately 25%.
On a regulatory front, the Federal Deposit Insurance Corporation (FDIC) is making strides to implement the stablecoin provisions outlined in the GENIUS Act. The agency released a detailed proposal that enables regulated banks to establish subsidiaries for the issuance of payment stablecoins. This marks a critical step in translating the landmark legislation into actionable rules, creating a pathway for banks to engage directly in the stablecoin sector.
The FDIC’s proposal outlines how subsidiaries of FDIC-supervised banks can seek approval for the issuance of payment stablecoins, clarifying that these coins should not be issued directly by the insured banks themselves but through dedicated subsidiaries. The FDIC will assess these subsidiaries and their parent banks against criteria established by the GENIUS Act, including the issuer’s ability to maintain proper reserve backing and overall financial health.
Once the FDIC approves a subsidiary, it will serve as the primary federal regulator for its payment stablecoin activities, granting the agency a pivotal oversight role. The proposal is currently under public consultation before advancing in the rulemaking process.
The GENIUS Act, which stands for Guiding and Establishing National Innovation for US Stablecoins, was signed into law earlier this year. It aims to create a comprehensive regulatory framework for payment stablecoins and impose stringent requirements for reserve backing with US dollars or other approved high-quality liquid assets. Advocates of the legislation argue that it has the potential to enhance US dollar liquidity and extend its global influence through stablecoins.
