MoonPay has launched virtual accounts that allow businesses in New York to convert their fiat currency directly into stablecoins, enabling settlements without the need for prefunding. This service utilizes traditional banking methods such as ACH and SWIFT for transactions, facilitating direct conversions into stablecoins for easier management of payments and treasury operations through a streamlined API.

The technology is powered by Iron, enabling organizations to create dedicated accounts that automatically convert fiat funds into stablecoins. This new offering comes after MoonPay’s acquisition of Iron in 2025 and aims to extend existing integrations with companies like Deel and Paysafe.

Additionally, MoonPay has secured a BitLicense, alongside money transmitter licenses and a limited purpose trust charter from the New York State Department of Financial Services, enhancing their capability to operate in a heavily regulated crypto environment.

Max von Wallenberg, CEO of Iron, commented that establishing their services in New York allows them to engage with institutional clients in a leading financial center:

“New York is the center of global finance — where the largest banks, asset managers and enterprises operate… Being able to operate here signals we meet the highest regulatory and operational standards.”

He noted that the demand for such services is growing across various jurisdictions, driven by businesses looking to manage payroll, treasury functions, and cross-border transactions effectively.

Stablecoins Reduce Reliance on Prefunded Accounts
Prominent payment providers and fintech companies are increasingly incorporating stablecoins into their systems to achieve smoother cross-border transactions while minimizing reliance on prefunded accounts. For instance, Singapore’s fintech company Nium has integrated USDC payments through Coinbase to help businesses facilitate fiat conversions to stablecoins across over 190 countries.

Card networks such as Visa and Mastercard are also enhancing their capabilities in the stablecoin sector, creating solutions for cross-border payments and corporate payouts. As it stands, the total market capitalization of stablecoins hovers around $320 billion according to DefiLlama.