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Investing.com -- MoonPay Inc. will begin issuing and managing stablecoins on behalf of clients as demand for dollar-pegged tokens grows following recent US legislation.
The New York-based crypto payments firm will leverage its existing money transmitter licenses to provide this service across all US states, according to Zach Kwartler, MoonPay’s head of stablecoins, who joined the company in September from Paxos Inc.
At Paxos, Kwartler developed stablecoin and crypto infrastructure products for major clients including PayPal Holdings Inc., Interactive Brokers Group Inc., and MercadoLibre Inc.
MoonPay announced Thursday that its issuance services will be available to enterprise clients in the US, Asia, and Latin America across multiple blockchains. Kwartler explained that issuing their own stablecoins could help MoonPay’s customers improve their payments operations management.
The move comes as stablecoins, cryptocurrencies designed to maintain a one-to-one value with assets like the US dollar, have gained popularity since US legislation passed in July to regulate the sector.
Founded in 2019, MoonPay provides software that facilitates conversion between fiat currencies and crypto assets by connecting to various digital financial providers, decentralized finance platforms, and crypto exchanges. The company is reportedly discussing a new funding round at a valuation higher than its 2021 valuation of $3.4 billion.
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