Self-custody wallet Exodus is teaming up with payments firm MoonPay to introduce a fully reserved, USD-backed stablecoin designed for everyday spending. The asset will be issued and managed by MoonPay, built on M0’s open stablecoin infrastructure, and integrated into Exodus Pay, a new consumer payments experience inside the Exodus app. The partners are targeting an early-2026 launch, with availability “subject to regulatory considerations.”
Crypto outlet ForkLog flagged the move, noting that the project aims to deliver fast, simple “digital dollar” payments without forcing users to learn crypto minutiae—an approach that matches Exodus’ consumer-first design ethos.
What exactly are Exodus, MoonPay and M0 building?
According to the joint press release, the new stablecoin will be fully backed by U.S. dollar deposits and distributed through MoonPay’s global network (buy, sell, swap, deposit and checkout). In practice, that means users and third-party apps could interact with the asset across familiar fiat on-ramps and payment experiences, while staying in self-custody within Exodus. The developers position it as a foundation for rewards, spending and peer-to-peer transfers in Exodus Pay.
This is also the first marquee customer outing for MoonPay’s enterprise stablecoin business, which the company launched in November 2025 alongside an integration with M0, a platform for application-specific stablecoins. That initiative turned MoonPay into a full-stack partner for issuing and managing stablecoins across multiple blockchains.
Key takeaways:
- Issuer/manager: MoonPay.
- Infrastructure: M0 (programmable, multi-issuer architecture).
- Use case: Consumer payments in Exodus Pay, plus broader distribution via MoonPay.
- Timeline: Early 2026, details on supported networks closer to launch.
Why now? The stablecoin market backdrop
Stablecoins became one of crypto’s clearest product-market fits in 2025. Aggregate capitalization hovered around the $300B+ mark in December, underscoring strong demand for on-chain dollars.
Within that market:
- USDT (Tether) remains the benchmark with a market cap near the mid-$180B range in mid-December 2025.
- USDC (Circle) and PYUSD (PayPal) illustrate how regulated payments brands can drive adoption; PYUSD itself sat around $3.8B in market value in December.
Against that backdrop, a wallet-native, fully reserved stablecoin makes strategic sense for Exodus: it can streamline everyday payments inside an app tens of millions already use, while MoonPay provides compliant issuance and distribution plumbing across regions.
How it compares with existing options
USDT/USDC: The Exodus–MoonPay asset won’t displace the big two—at least not out of the gate. Instead, it’s designed for tight integration with Exodus Pay and MoonPay rails, serving as a “default” spending unit with predictable settlement and self-custody UX. Liquidity depth across exchanges will come later, if at all, depending on listings.
PYUSD: PayPal’s stablecoin proved the value of embedding a digital dollar in a mainstream app. Exodus is following a similar embedded model, but with a self-custody first approach and a multi-chain, issuer-as-a-service partner (MoonPay) rather than a single, closed ecosystem.
Customizability: By building on M0, the partners can tailor features (programmatic controls, network expansion, enterprise integrations) without re-architecting the core each time. That could matter for rolling out across chains or enabling merchant-grade compliance toggles.
What Exodus and MoonPay are saying
- Exodus CEO JP Richardson: Stablecoins are becoming the simplest way to hold and move dollars on-chain, but the UX has to meet consumer-app expectations—the pitch behind Exodus Pay and the dedicated digital dollar.
- MoonPay CEO Ivan Soto-Wright: The launch shows what’s possible when a consumer product integrates compliant issuance with global-scale infrastructure and distribution.
- M0 CEO Luca Prosperi: Enterprises want programmable, interoperable stablecoins tailored to product experiences; M0 aims to help partners launch quickly and expand across networks.
Why this could matter for everyday users
If the plan works, Exodus users could send, spend, and save a familiar “digital dollar” without leaving the wallet, while still controlling their keys. Think fewer hops between fiat ramps, fewer surprises on fees, and features like rewards that feel more like a neobank than a DeFi dashboard—yet remain self-custodial. That combination—consumer-grade UX + self-custody + compliant issuance—is the bet Exodus and MoonPay are placing.
Conclusion
- Exodus and MoonPay will launch a fully reserved USD stablecoin built on M0, with an early-2026 target and Exodus Pay as the front door.
- The move arrives as stablecoins top $300B in market value and as incumbents like USDT, USDC, and PYUSD set expectations for reliability and reach.
- Execution will hinge on networks supported, compliance transparency, and merchant distribution—areas where MoonPay’s new enterprise stablecoin unit and M0’s infrastructure aim to provide leverage.