International payroll platform Deel will start providing stablecoin payroll funds to employees within the UK and EU from subsequent month by way of a partnership with MoonPay. The combination will enable workers to obtain their paychecks in stablecoins instantly into their non-custodial cryptocurrency wallets, with a US rollout deliberate at a later stage.
Deal introduced in October that it pays $22 billion a yr in payroll for greater than 150 million workers worldwide. Based on Tuesday’s announcement, the corporate plans to make use of MoonPay to deal with stablecoin conversion and on-chain pockets distribution, successfully including a crypto cost rail to its present payroll infrastructure.
Beneath the association, employees will be capable to select to obtain half or all of their wage in stablecoins relatively than native fiat foreign money. MoonPay will handle the conversion and cost processes, whereas Deel will proceed to function the payroll and compliance layer.
JP Richardson, co-founder and CEO of Exodus, mentioned the partnership indicators a broader transition of cryptocurrencies into on a regular basis use. “We’re not going to steer the world to cryptocurrencies with a white paper; we’re going to do it with payroll,” Richardson wrote in X, arguing that stablecoin payroll will scale back cross-border cost delays and brokerage charges for employees world wide.
sauce: JP Richardson
The partnership expands Deel’s present cryptocurrency cost choices and provides one other enterprise distribution channel to MoonPay, which holds a New York Bit license and a cash switch machine license throughout the US, in addition to authorization beneath the EU’s MiCA framework.
The businesses haven’t disclosed which stablecoins can be supported or what number of customers will opt-in at launch. The corporate additionally didn’t present a particular timeline for its U.S. enlargement or particulars about regulatory approvals associated to the second part.
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The stablecoin area is turning into more and more crowded
Whereas MoonPay and Deel’s rollout is aimed toward employees within the UK and EU, the partnership comes amid a quickly increasing marketplace for USD-pegged tokens. Because the U.S. Congress established the federal framework for funds stablecoins with the GENIUS Act in July 2025, extra firms are adopting regulated stablecoins in the US.
In March, World Liberty Monetary, a DeFi platform with ties to the Trump household, launched the USD1 stablecoin, and in January, Wyoming grew to become the primary US state to challenge its personal stablecoin, Frontier Steady Tokens (FRNT).
In the identical month, Tether, the world’s largest issuer of stablecoin USDt (USDT), confirmed the launch of USAt, a USD-pegged token issued by way of Anchorage Digital Financial institution and positioned as a federally regulated funds stablecoin to be used inside the US.
Some conventional U.S. banks are additionally getting ready to enter the stablecoin market after the Federal Deposit Insurance coverage Company in December proposed a framework outlining how subsidiaries of FDIC-supervised banks can apply to challenge stablecoins for funds.
Regardless of the wave of latest entrants, the market stays extremely concentrated. Based on DefiLlama knowledge, Tether’s USDt accounts for about 60% of the stablecoin market capitalization, whereas Circle’s USDt $USDC ($USDC) corresponds to roughly 24%.
Stablecoin market capitalization. sauce: Defilama
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