The digital asset platform Exodus has teamed up with MoonPay to introduce a stablecoin backed by the US dollar for everyday transactions.
The Exodus Movement, which also develops a well-known crypto wallet, announced on Tuesday that its fully reserved dollar stablecoin is slated for a launch in early 2026. This stablecoin will be issued and overseen by MoonPay, a prominent crypto payments platform and fiat on-ramp.
The stablecoin will be created using M0, a stablecoin infrastructure that enables businesses to develop, issue, and manage their own bespoke stablecoins.
This unnamed stablecoin aims to simplify digital dollar transactions for users without requiring any prior crypto knowledge. It will be incorporated into Exodus Pay, enabling users to spend and send funds while keeping self-custody.
“Stablecoins are rapidly becoming the easiest way for individuals to hold and transfer dollars onchain, yet the user experience must align with the standards set by contemporary consumer apps,” stated JP Richardson, co-founder and CEO of Exodus.
The Stablecoin Gold Rush Continues
MoonPay started its enterprise stablecoin initiative in November to issue and manage digital dollars across various blockchains while utilizing M0’s open infrastructure.
“Businesses are looking for stablecoins that can be programmed, are interoperable, and customized for a specific product experience,” remarked Luca Prosperi, co-founder and CEO of M0.
Related: US banks may soon issue stablecoins under the FDIC plan to implement the GENIUS Act
This year, banks and crypto firms have rushed to release their own stablecoins, driven by the passage of the GENIUS Act in July, which established a clear federal regulatory framework for fiat-backed stablecoins in the U.S.
The Trump family’s DeFi platform, World Liberty Financial, launched the USD1 stablecoin in March, while global payments provider Stripe introduced stablecoin-based accounts to clients in over 100 countries in May. Additionally, Tether announced a regulatory-compliant stablecoin named USAT in September.
Two Stablecoin Players Dominate the Sector
The new stablecoin from Exodus and MoonPay is entering a saturated market predominantly ruled by two major players.
Tether (USDT) continues to be the largest stablecoin issuer with a market share of about 60% and a circulating supply of $186 billion, while Circle’s USDC ranks second with a 25% share and a market cap of $78 billion.
Together, these two account for 85% of the total stablecoin market capitalization, which exceeds $310 billion, according to CoinGecko.
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