Digital asset platform Exodus has teamed up with crypto payments firm MoonPay to introduce a U.S. dollar–backed stablecoin aimed at everyday use.
Exodus Movement, the company behind a widely used self-custody crypto wallet, said Tuesday that the fully reserved dollar stablecoin is expected to launch in early 2026. MoonPay will handle issuance and management of the token, leveraging its experience as a major fiat on-ramp and payments provider.
The stablecoin will be built on M0, a stablecoin infrastructure platform that enables businesses to design, issue, and operate customized digital currencies.
Although the token has not yet been named, its goal is to make digital dollar payments simple and accessible, even for users with no prior crypto experience. It will be integrated into Exodus Pay, allowing users to send and spend funds while retaining full control of their assets through self-custody.
“Stablecoins are rapidly becoming the easiest way to hold and transfer dollars onchain, but the user experience still needs to match what people expect from modern consumer apps,” said JP Richardson, co-founder and CEO of Exodus.
Stablecoin momentum accelerates
MoonPay entered the enterprise stablecoin space in November, offering services that let companies issue and manage digital dollars across multiple blockchains using M0’s open infrastructure.
“Businesses are looking for stablecoins that are programmable, interoperable, and designed around specific product experiences,” said Luca Prosperi, co-founder and CEO of M0.
Interest in stablecoins has surged this year as banks and crypto firms race to launch their own offerings, encouraged by the passage of the GENIUS Act in July. The legislation established a clear federal regulatory framework for fiat-backed stablecoins in the United States.
Recent launches highlight the trend: the Trump family’s DeFi project World Liberty Financial introduced the USD1 stablecoin in March; Stripe rolled out stablecoin-based accounts for customers in more than 100 countries in May; and Tether announced a regulatory-compliant stablecoin, USAT, in September.
A market dominated by two giants
Despite the influx of new entrants, the stablecoin market remains heavily concentrated. Tether leads the sector with roughly 60% market share and about $186 billion in circulating supply. Circle’s USDC follows with around 25% market share and a market capitalization of $78 billion.
Together, these two issuers account for approximately 85% of the total stablecoin market, which exceeds $310 billion in capitalization, according to CoinGecko.
