MoonPay announced on April 23, 2026 that it is launching fiat-to-stablecoin Virtual Accounts in New York State, expanding its enterprise infrastructure to one of the most heavily regulated crypto jurisdictions in the United States.
The product allows fintechs, crypto platforms, neobanks, brokerages, and financial institutions to issue named accounts that can receive fiat deposits over ACH, Wire, and SWIFT, then automatically convert incoming funds into stablecoins settled to non-custodial wallets.
MoonPay said the product is powered by Iron, a company it acquired in 2025. The launch targets enterprise clients rather than individual retail users, positioning MoonPay as a back-end stablecoin infrastructure provider for platforms that want to offer dollar-to-stablecoin conversion without building the compliance and banking rails themselves.
What MoonPay’s Virtual Accounts Actually Do
Virtual Accounts function as a bridge between traditional banking rails and stablecoin settlement. A platform integrating the product can offer its end users named accounts capable of receiving dollar deposits through standard payment channels.
Once fiat lands in a Virtual Account, the system converts those funds into stablecoins and routes them to non-custodial wallets. MoonPay’s business product page confirms support for deposits in USD, EUR, and GBP with conversion to stablecoins, broadening the product’s utility beyond a single currency pair.
MoonPay serves more than 30 million customers across 180 countries and counts over 500 enterprise clients. The Virtual Accounts product adds a new layer to that enterprise offering by handling the fiat intake, compliance, and conversion steps that would otherwise require platforms to secure their own banking relationships and money transmission licenses.
Why New York Is the Hardest Market to Crack
New York’s BitLicense regime, administered by the New York Department of Financial Services, remains one of the strictest crypto regulatory frameworks in the country. Many crypto companies have avoided or delayed launching products in the state because of the licensing requirements.
MoonPay secured both a BitLicense and Money Transmitter Licenses from NYDFS on June 4, 2025, enabling it to operate directly in all 50 U.S. states. The New York Virtual Accounts rollout builds on that regulatory foundation, turning a compliance milestone into a product launch that competitors without equivalent licensing cannot easily replicate.
The timing is notable. Stablecoin infrastructure is becoming a competitive battleground among payment and crypto companies. Stripe introduced its own stablecoin financial accounts product in May 2025, offering dollar-denominated stablecoin balances with ACH, wire, and SEPA support. However, Stripe’s public announcement did not include a New York-specific launch or framing around non-custodial wallet settlement for enterprise platforms.
MoonPay’s clearest differentiator in this product category is its ability to pair Virtual Accounts with confirmed New York state licensing, a combination that narrows the field of eligible competitors considerably.
What This Means for Stablecoin Adoption
The global stablecoin market now carries a market cap of roughly $292 billion with 24-hour trading volume near $183 billion. USDC, one of the most widely used dollar-pegged stablecoins, trades at $0.9998 with a market cap exceeding $78 billion.
Products like MoonPay’s Virtual Accounts reduce friction at the point where traditional finance meets stablecoin ecosystems. Instead of requiring users to navigate exchanges or manual transfers, a platform can embed fiat-to-stablecoin conversion directly into its product. That simplification matters for institutional and enterprise adoption, where compliance overhead and banking integration are the primary bottlenecks.
The practical impact depends on execution, including fees, supported stablecoins, settlement speed, and the depth of MoonPay’s banking partner network in New York. The company characterized itself as joining “a select group of providers” offering compliant Virtual Accounts in the state, though the announcement did not enumerate which other companies hold comparable product-plus-license combinations.
The broader market backdrop is cautious. The Crypto Fear and Greed Index sits at 46, in Fear territory, suggesting that risk appetite among crypto participants remains subdued. Enterprise infrastructure launches like this one tend to play out over quarters rather than days, with adoption depending on how many platforms integrate the product and how quickly end users fund their accounts.
MoonPay’s New York expansion also arrives as stablecoin compliance and oversight draw increasing regulatory attention across the industry. Whether the company can convert its licensing advantage into meaningful market share will depend on how well the Iron-powered infrastructure performs under real enterprise load.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
