Cryptocurrency payments firm MoonPay has strengthened its regulatory foothold in the United States after securing a trust charter from the New York Department of Financial Services (NYDFS). The approval positions the company among a small group of crypto firms authorised to operate with both a BitLicense and a trust charter inside the state.

Approval Opens Door to Wider Services

MoonPay announced that the trust charter will allow it to offer crypto custody services as well as over the counter trading in New York. These permissions add to its BitLicense obtained in June, enabling the company to broaden its regulated offerings.
Co founder and chief executive Ivan Soto Wright said the approval will help MoonPay deepen ties with major financial institutions and develop new regulated service lines for customers.

Part of an Exclusive Group

Only a limited number of companies hold both forms of New York approval. Ripple Labs, Coinbase and NYDIG are among the few that have obtained a trust charter in addition to the BitLicense. Coinbase and Ripple have also applied for a federal trust charter with the US Office of the Comptroller of the Currency, although no decision has been announced.

Shift Toward Stablecoin Infrastructure

The GENIUS Act, signed in July, created a national framework for payment stablecoins. Even though the law has not yet taken effect, it has encouraged several crypto businesses to explore stablecoin related services.

MoonPay revealed on 13 November that it had launched an initiative enabling issuers to build and distribute their own stablecoins. This marks a notable shift for the company as it positions itself to support a growing stablecoin ecosystem.

Traditional Finance Responds to New Law

The GENIUS Act has also begun influencing established financial institutions. Visa stated in July that it had expanded stablecoin capabilities on its settlement platform in preparation for future demand. Bank of America chief executive Brian Moynihan has reportedly said the bank is considering developing a stablecoin in partnership with other institutions, signalling increasing interest among mainstream financial players.

Strengthening Position Ahead of Regulatory Changes

MoonPay’s regulatory milestones arrive ahead of the full implementation of the stablecoin framework in the US. By securing the trust charter and exploring new infrastructure services, the company aims to position itself as a key participant in the regulated digital asset market.