Cryptocurrency funds firm MoonPay is increasing its presence within the enterprise stablecoin market with the acquisition of Iron, an API-focused stablecoin infrastructure developer, for an undisclosed quantity.
According to a March 13 announcement, the acquisition will give MoonPay’s enterprise clients the flexibility to just accept stablecoin funds immediately and at a low value. Iron’s integration additionally means corporations can handle their stablecoin treasuries in actual time and use the funds to amass yield-bearing belongings like US Treasury bonds.
Source: MoonPay
“With Iron’s expertise, we’re placing the facility of prompt, programmable funds into the palms of enterprises, fintechs, and international retailers,” mentioned Ivan Soto-Wright, MoonPay’s CEO.
The Iron deal marks MoonPay’s second high-profile acquisition this yr. In January, the company acquired Helio, a Solana-based blockchain fee processor, for $175 million. Helio’s current integrations with Shopify and Discord give MoonPay additional inroads into crypto on-ramp companies and fee options.
MoonPay isn’t the one firm making inroads into stablecoin funds. As Cointelegraph lately reported, Tether-backed fintech Mansa raised $10 million to additional develop its cross-border stablecoin fee infrastructure.
Related: Bitcoin may benefit from US stablecoin dominance push
Business integrations driving stablecoin adoption
At greater than $230 billion in circulation, stablecoins have grow to be one among blockchain’s most viable use instances. The trade’s success is basically owed to stablecoin integrations by major fintech payment providers, based on Polygon Labs CEO Marc Boiron.
In a current interview with Cointelegraph, Boiron mentioned, “Companies like Stripe and PayPal integrating stablecoins is probably going the first catalyst for his or her progress.”
From regulatory scrutiny to widespread trade adoption, the stablecoin market has grown quickly since 2020. Source: S&P Global
Boiron mentioned one of many trade’s most promising developments is yield-bearing stablecoins, which permit holders to earn decentralized finance yield by way of conventional collateralization.
Yield-bearing stablecoin options are on the cusp of a significant breakthrough after the US Securities and Exchange Commission approved the first yield-bearing stablecoin security in February. The approval goes hand in hand with regulatory efforts to determine clear stablecoin legal guidelines within the United States.
Magazine: Bitcoin payments are being undermined by centralized stablecoins
