TL;DR

• MoonPay granted a trust charter by New York's Department of Financial Services (NYDFS), enabling crypto custody and OTC trading services.
• The payments company previously obtained a BitLicense in June, joining top-tier regulated crypto firms.
• MoonPay plans to deepen partnerships with global financial institutions and expand offerings, including stablecoin issuance under the GENIUS Act framework.

Cryptocurrency payments platform MoonPay has taken a major step in expanding its regulated services in the U.S., securing a trust charter from New York's Department of Financial Services (NYDFS). This regulatory milestone positions MoonPay among the few crypto companies holding both a trust charter and a BitLicense from the NYDFS, following its BitLicense approval in June.

The trust charter grants MoonPay the ability to provide regulated services such as crypto custody and over-the-counter (OTC) trading in New York. 

With both licenses, MoonPay joins the ranks of major players including Coinbase, Ripple Labs, and NYDIG. Coinbase and Ripple have also applied for a federal trust charter with the Office of the Comptroller of the Currency, though a decision from the banking regulator has not yet been announced.

Expanding into Stablecoin Infrastructure

The regulatory approvals arrive at a time when MoonPay is actively pivoting into stablecoin infrastructure under the GENIUS Act, the recently signed U.S. law that establishes a framework for payment stablecoins. While the law has yet to take full effect, MoonPay launched an initiative on November 13 enabling issuers to create and distribute their own stablecoins.

This move reflects MoonPay's ambition to broaden its services beyond traditional crypto payments and custody, aligning with a growing trend among U.S. crypto firms preparing for a regulated stablecoin market. 

Strategic Positioning in Regulated Finance

MoonPay's dual licensing underscores the increasing importance of compliance for crypto companies seeking long-term growth in the U.S. market. By holding both a BitLicense and a trust charter, the company can operate securely across New York while leveraging its regulatory standing to forge partnerships with institutional players.

Soto-Wright emphasized that these licenses allow MoonPay to offer expanded services with the assurance of regulatory oversight.

The Wider Regulatory Context

The New York financial regulator has historically set high standards for crypto firms. Obtaining a trust charter involves demonstrating the ability to safeguard client assets, comply with anti-money laundering regulations, and maintain rigorous operational standards. MoonPay's approval signals both regulatory confidence in the company and a broader acceptance of crypto companies within the traditional financial system.

The GENIUS Act further encourages regulated financial innovation, particularly in the realm of stablecoins, and MoonPay's initiatives in this space show the company's readiness to leverage legal clarity to expand its offerings. Analysts suggest that MoonPay's approach could set a model for other crypto platforms aiming to operate fully within the regulatory framework.

Conclusion

MoonPay's trust charter approval marks a significant evolution for the company, solidifying its position as a fully regulated crypto payments and custody provider in New York. With a BitLicense already in place, the company is now equipped to deepen institutional relationships, launch stablecoin initiatives under the GENIUS Act, and expand its regulated offerings. For the broader crypto ecosystem, MoonPay's journey underscores the growing convergence of regulatory compliance and digital asset innovation.