New York gets MoonPay's virtual account service for fiat-to-stablecoin conversions
Businesses in New York can now access MoonPay's virtual accounts product, enabling fiat-to-stablecoin conversion and cross-jurisdiction fund settlement without the need for prefunding.
MoonPay has introduced its fiat-to-stablecoin virtual account offering in New York, enabling companies to transform incoming capital from traditional banking systems like ACH and SWIFT into stablecoins and complete settlement directly to non-custodial wallets via a unified API.
The offering utilizes technology from provider Iron and empowers platforms to create named, dedicated accounts capable of receiving fiat currency and performing automatic stablecoin conversions, facilitating payment, trading and treasury operations without depending on prefunded balances or numerous intermediaries.
The New York launch comes after MoonPay's purchase of Iron in 2025 and expands upon existing integrations with platforms such as Deel and Paysafe, broadening its stablecoin infrastructure throughout payroll and payment networks, based on the announcement made Thursday.
MoonPay stated that it secured a BitLicense, money transmitter licenses and a New York limited purpose trust charter from the New York State Department of Financial Services in 2025, enabling the company to provide the service in one of the crypto industry's most stringently regulated markets.
According to the company, these accounts facilitate accelerated settlement and programmable payment capabilities by connecting traditional banking infrastructure with blockchain-based systems through a single integration point.
Stablecoins reduce reliance on prefunded accounts
Leading payment processors and financial technology companies are progressively incorporating stablecoins into their payment infrastructure to optimize cross-border transactions and minimize dependence on prefunded accounts.
Earlier this week on Tuesday, Singapore-based fintech company Nium incorporated USDC payment functionality through Coinbase, enabling businesses to transmit, receive and convert stablecoins to fiat currency across over 190 countries via a unified platform.
This configuration allows companies to finance cross-border payouts on an as-needed basis using stablecoins and complete settlement in either digital assets or local currencies, diminishing the requirement to prefund accounts across various jurisdictions and optimizing global payment flows.
Card network providers are simultaneously expanding their stablecoin-linked payment infrastructure. During March, Visa and Stripe-owned Bridge deployed stablecoin-linked cards throughout more than 100 countries and are currently testing onchain settlement that would permit transactions to be settled in digital assets instead of fiat currency. As of December 2025, Visa's annualized stablecoin settlement run rate achieved $4.6 billion, based on information from a company spokesperson.
Mastercard has similarly taken steps to broaden its stablecoin capabilities, entering into an agreement to acquire BVNK in a transaction valued at up to $1.8 billion. The acquisition is designed to enhance its capacity to bridge traditional payment rails with blockchain-based transactions, supporting various use cases including cross-border payments and business payouts.
The overall stablecoin market capitalization currently sits at approximately $320 billion, based on data from DefiLlama.
