MoonPay acquires API stablecoin infrastructure platform Iron

Cryptocurrency payments company MoonPay is expanding its presence in the enterprise stablecoin market with the acquisition of Iron, an API-focused stablecoin infrastructure developer, for an undisclosed amount. 

According to a March 13 announcement, the acquisition will give MoonPay’s enterprise customers the ability to accept stablecoin payments instantly and at a low cost. Iron’s integration also means companies can manage their stablecoin treasuries in real time and use the funds to acquire yield-bearing assets like US Treasury bonds. 

Source: MoonPay

“With Iron’s technology, we’re putting the power of instant, programmable payments into the hands of enterprises, fintechs, and global merchants,” said Ivan Soto-Wright, MoonPay’s CEO.

The Iron deal marks MoonPay’s second high-profile acquisition this year. In January, the company acquired Helio, a Solana-based blockchain payment processor, for $175 million. Helio’s existing integrations with Shopify and Discord give MoonPay further inroads into crypto on-ramp services and payment solutions. 

MoonPay isn’t the only company making inroads into stablecoin payments. As Cointelegraph recently reported, Tether-backed fintech Mansa raised $10 million to further expand its cross-border stablecoin payment infrastructure.

Related: Bitcoin may benefit from US stablecoin dominance push

At more than $230 billion in circulation, stablecoins have become one of blockchain’s most viable use cases. The industry’s success is largely owed to stablecoin integrations by major fintech payment providers, according to Polygon Labs CEO Marc Boiron. 

In a recent interview with Cointelegraph, Boiron said, “Companies like Stripe and PayPal integrating stablecoins is likely the primary catalyst for their growth.”

From regulatory scrutiny to widespread industry adoption, the stablecoin market has grown rapidly since 2020. Source: S&P Global

Boiron said one of the industry’s most promising developments is yield-bearing stablecoins, which allow holders to earn decentralized finance yield through traditional collateralization. 

Yield-bearing stablecoin alternatives are on the cusp of a major 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 establish clear stablecoin laws in the United States. 

Magazine: Bitcoin payments are being undermined by centralized stablecoins