In a significant advancement for financial transactions, MoonPay has introduced the Stablecoin Stack, streamlining processes that previously required the involvement of multiple banks and extensive time commitments. This new solution enables businesses to integrate banking access, licensing, and blockchain settlement through a single connection to Iron.
The MoonPay Stablecoin Stack allows partners to open named virtual accounts in major currencies such as US dollars, euros, and British pounds. It ensures direct connections to tier-one banks with built-in redundancy, while also facilitating automatic settlements into stablecoins. This innovative approach operates within the framework of existing regulations, including the Crypto Asset Service Provider (CASP) regulations, US money transmitter licenses, and the New York BitLicense.
At its core, the Stablecoin Stack functions as a conduit between traditional fiat currency and blockchain networks. Businesses can accept payments via familiar methods like ACH in the United States, SEPA in Europe, and Faster Payments in the UK, subsequently converting those funds into stablecoins. These digital tokens maintain a one-to-one value with their fiat counterparts, adding an extra layer of reliability.
The platform supports global payouts in over 30 different currencies and is compatible with major blockchain networks. Developers benefit from real-time tracking capabilities through dashboards and analytics, while a cross-chain deposit API facilitates the acceptance of both stablecoins and other cryptocurrency assets under one umbrella.
A practical example underscores the transformative potential of the Stablecoin Stack. A fintech startup aiming to facilitate payouts for freelancers across Latin America and Asia would have previously faced the challenge of establishing local bank partnerships, managing compliance setups, and performing extensive testing—which could take months. However, with the new Stablecoin Stack, that same startup can accept euro payments, convert them into stablecoins, and execute local payouts in a matter of days.
Additionally, MoonPay has announced that Avici now offers named virtual accounts in the US and Europe, enabled by the synergy of MoonPay and Iron. Users can create their own accounts within the Avici app and fund them rapidly using various methods including SEPA Instant and ACH, while maintaining full self-custodial control over their funds.
This development merges the convenience of traditional banking with the security and flexibility provided by self-custody, resulting in quicker access to funds for users while allowing them complete autonomy in managing their finances.
As this landscape continues to evolve, stakeholders are advised to approach the crypto space with caution and conduct thorough due diligence due to the inherent risks associated with cryptocurrencies.
