MoonPay has secured a trust charter from the New York Department of Financial Services (NYDFS). This follows the company’s approval for a BitLicense in June. The new authorisation positions MoonPay among a limited group of crypto firms that hold both approvals in the state. With this trust charter, MoonPay can now offer crypto custody as well as over the counter trading services to clients in New York.
CEO Highlights New Opportunities
MoonPay’s co founder and chief executive Ivan Soto Wright stated that this approval will help the company build stronger relationships with global financial institutions. He added that the new licence will support the expansion of MoonPay’s existing regulated services. The firm joins Ripple Labs, Coinbase and NYDIG as companies that hold both a BitLicense and a trust charter. Ripple and Coinbase have applied for federal trust charters with the Office of the Comptroller of the Currency. The banking regulator has not yet issued a decision.
Growth in Stablecoin Infrastructure After the GENIUS Act
The GENIUS Act, signed in July, introduced a regulatory structure for payment stablecoins in the United States. Although the law has not yet taken effect, it has already prompted several crypto firms to broaden their stablecoin services. On 13 November, MoonPay revealed a new initiative that enables issuers to create and distribute their own stablecoins. This marks a strategic step into stablecoin infrastructure ahead of the implementation of the new law.
Traditional Finance Responds to Stablecoin Momentum
The introduction of the GENIUS Act has also influenced established financial institutions. Visa announced in July an expansion of stablecoin support within its settlement system. Reports also indicated that Bank of America chief executive Brian Moynihan is considering the possibility of launching a stablecoin in collaboration with other financial institutions. These developments signal a growing shift as traditional finance explores the potential of stablecoin technology.
A Strengthened Position for MoonPay in a Regulated Market
MoonPay’s fresh approval from the NYDFS strengthens its standing within one of the toughest regulatory environments for crypto firms. With new permissions in place and stablecoin infrastructure underway, the company appears positioned for deeper engagement with both the crypto sector and global financial partners.
Leave a Reply