MoonPay is developing infrastructure to enable brands to issue their own stablecoins, which function as programmable loyalty rewards. These tokens allow users to earn and exchange value across merchant networks onchain, eliminating the need for central clearinghouses or traditional redemption restrictions.
In November 2025, MoonPay integrated with M0 to provide enterprise-grade services for stablecoin issuance and management. The company reports that the stablecoin market reached a capitalization of approximately $320 billion by early 2026. Transaction volumes for 2025 totaled about $33 trillion, with over $28 trillion recorded in the first quarter of 2026 alone.
The platform currently supports over 30 million users and more than 500 enterprise partners. Recent initiatives include a partnership with Deel for cross-border payroll announced in February 2026, and a collaboration with XO Cash for athlete bonuses in March 2026. Additionally, the company launched a PYUSDx launchpad to facilitate programmable reward structures.
Caroline Pham, former acting chair of the CFTC, joined MoonPay as Chief Legal Officer in December 2025. Her appointment is intended to strengthen the company's regulatory positioning as US stablecoin legislation progresses through Congress, allowing MoonPay to influence policy development rather than solely reacting to new compliance requirements.
