MoonPay Acquires Iron, Boosts Stablecoin Infrastructure Amid 112% Revenue Growth

MoonPay, a prominent player in the digital payments landscape, has recently acquired Iron, an API-driven stablecoin infrastructure startup. This acquisition marks a significant consolidation in the stablecoin industry, as companies vie for dominance in the rapidly expanding digital payments sector. MoonPay's move follows its previous acquisition of Helio for $175 million in January, indicating an aggressive expansion strategy aimed at building comprehensive stablecoin payment networks.

MoonPay's CEO, Ivan Soto-Wright, compared the acquisition to PayPal's historic purchase of Braintree, highlighting the transformative potential of stablecoin infrastructure. MoonPay, valued at $3.4 billion in its last funding round, reported an 112% year-over-year net revenue growth in 2024 and is already profitable and cash-flow positive. This financial stability underscores the viability of stablecoin-powered business models and positions MoonPay as a strong contender in the market.

The acquisition frenzy in the stablecoin industry is driven by the significant volume of transfers facilitated by stablecoins. In 2024 alone, stablecoins facilitated an estimated $27 trillion in transfers. This efficiency and the potential for faster, cheaper cross-border settlements are attracting serious enterprise attention. MoonPay is not only acquiring infrastructure to serve crypto enthusiasts but also building payment rails that could serve major global corporations seeking more efficient settlement options.

The stablecoin market has seen substantial growth, with the supply increasing from $138 billion to $225 billion over the past year, marking a 63% year-over-year increase. This expansion reflects growing mainstream adoption of stablecoin technology. Standard Chartered predicted that stablecoins could grow to represent approximately 10% of all foreign exchange transactions, up from just 1% today. This potential tenfold growth explains why companies like MoonPay are racing to secure key infrastructure.

MoonPay's acquisition of Iron strengthens its ability to offer businesses stablecoin payment capabilities, similar to how Stripe's Bridge Network acquisition enables merchants to accept stablecoin payments without directly handling digital tokens. In contrast, companies like Sling Money are approaching the stablecoin revolution from a consumer-first perspective, focusing on self-custody and peer-to-peer transfers. Both approaches have merit, with MoonPay's enterprise strategy potentially leading to faster institutional adoption, while Sling's consumer approach could drive grassroots stablecoin usage.

A key factor enabling these major acquisitions is increasing regulatory clarity around stablecoins in major jurisdictions. The European Union's Markets in Crypto Assets (MiCA) framework, Singapore's stablecoin regulations, and progress toward U.S. stablecoin legislation have all provided the certainty needed for major corporate investments. This improved regulatory environment makes acquisitions like MoonPay-Iron less risky for both the companies involved and their enterprise customers, who require regulatory certainty before adopting new payment technologies.

As MoonPay integrates Iron's technology and Stripe builds on Bridge Network's capabilities, we can expect increasingly sophisticated stablecoin payment offerings to emerge in the coming months. These platforms will likely focus on seamless fiat on/off ramps for businesses, cross-chain stablecoin liquidity, compliance tools for enterprise stablecoin usage, integration with existing payment processors, and support for multiple stablecoin types. MoonPay's acquisition of Iron signals a broader maturation of the stablecoin ecosystem from experimental technology to critical financial infrastructure. As consolidation continues and transaction volumes grow, stablecoins are increasingly positioned to challenge traditional payment rails for global dominance.

With billions in acquisition capital now flowing into stablecoin infrastructure and monthly transaction volumes reaching trillions of dollars, it's clear that stablecoins have moved beyond the crypto niche and into the mainstream of financial services innovation. The race to build tomorrow's payment rails is now in full swing, and MoonPay's aggressive acquisitions show they're determined to lead the pack.