A significant development in the global payroll landscape is set to take place next month as the payroll platform Deel partners with MoonPay to offer salary payouts in stablecoins. The initial rollout will target employees in the UK and EU, with plans for an expansion into the US later.
Through this partnership, Deel, which processes a staggering $22 billion in payroll annually for over 150 million workers worldwide, will facilitate wage payments directly in stablecoins to non-custodial crypto wallets. This integration will enhance Deel’s existing payroll infrastructure by incorporating crypto settlement capabilities, with MoonPay managing the crucial tasks of stablecoin conversion and on-chain wallet delivery.
Workers will have the flexibility to choose to receive their full salary or a portion of it in stablecoins rather than traditional fiat currencies. While Deel continues to handle payroll and compliance, MoonPay’s involvement will streamline the conversion and settlement process.
JP Richardson, co-founder and CEO of Exodus, remarked on the broader implications of this partnership, emphasizing that integrating crypto into daily life, particularly through paycheck systems, is a practical way to introduce more people to cryptocurrencies. He argued that stablecoin payroll can alleviate issues such as cross-border payment delays and high intermediary fees, thus benefiting workers globally.
This partnership is also indicative of an expanding crypto payout landscape for Deel and adds a new enterprise distribution channel for MoonPay, which is already equipped with a New York BitLicense and other regulatory authorizations under the EU’s MiCA framework.
Despite the promising start, the companies have not disclosed which specific stablecoins will be supported or how many users may opt into the new payment method at launch. Additionally, there are no details available regarding the timeline for the US expansion or the necessary regulatory approvals related to this second phase.
The timing of this initiative coincides with a burgeoning stablecoin market, particularly in the US. Following the US Congress’s establishment of a federal framework for payment stablecoins through the GENIUS Act in July 2025, numerous firms have initiated the launch of regulated stablecoins. For instance, World Liberty Financial introduced its USD1 stablecoin in March, and Wyoming became the first state to issue its own stablecoin in the form of the Frontier Stable Token (FRNT). Moreover, Tether announced its new USAt, a US dollar-pegged token designed as a federally regulated payment stablecoin.
Amid all these developments, traditional US banks are also gearing up to participate in the stablecoin market, bolstered by a proposed framework from the Federal Deposit Insurance Corporation that would allow FDIC-supervised bank subsidiaries to apply for permission to issue payment stablecoins.
However, the stablecoin market remains concentrated, with Tether’s USDt dominating approximately 60% of the total market capitalization, while Circle’s USDC accounts for around 24%. As new entrants emerge, the dynamics within the stablecoin ecosystem are poised for significant evolution in the coming years.
