Introduction

A stablecoin on-ramp is the payment gateway into the stablecoin economy. It takes real money from your bank or card, runs it through a bunch of compliance and processing steps, and outputs stablecoin tokens into your crypto wallet – all designed to feel as seamless as a normal online purchase.

How the On-Ramp Business Model Works

The core business model for on-ramps is transaction-based. They charge fees on each conversion (from fiat to stablecoin). In practice, this usually means:

• User fees: Consumers or businesses pay a percentage fee on each purchase. For example, many on-ramps charge anywhere from ~1% to 6% of the transaction. This fee depends on the payment method (credit cards are expensive) and region. (As MoonPay notes, fees vary by payment method, order size, market conditions, and include a processing fee plus a dynamic network fee.)
• Exchange spread: The provider may add a small spread on the stablecoin price. Stablecoins are meant to be 1:1 with fiat, but on-ramps often quote a price that includes a tiny markup to cover risk.
• Revenue shares / B2B fees: When an on-ramp integrates into another platform (like a wallet or fintech app), the platform might receive part of the fee as revenue share. For example, wallet partners often set a revenue-sharing percentage with the on-ramp provider.
• Hidden fees and yield: Although pure stablecoins themselves can’t “print interest” in many jurisdictions, on-ramp firms might keep the float of user funds for a short time before settlement. They could earn a bit of interest on that float (within regulatory limits). However, global rules (like EU MiCA) even ban paying yields on stablecoins, so this is constrained.
• Cross-selling services: Some on-ramps also offer related products (off-ramps, swaps, wallets) and earn fees there. For example, MoonPay also offers selling crypto back to fiat and token swaps once integrated, capturing more of the user’s journey.

Example: If you buy $100 of USDC via MoonPay, MoonPay might charge, say, a 2.5% card fee plus a 1% service fee. You end up paying around $103, and you receive $100 USDC. MoonPay splits some fee portion with your wallet (if applicable) and keeps the rest as revenue. The on-ramp then has to pay the card processor fees and any local bank fees from that amount.

The key insight is that on-ramps succeed by making the experience frictionless while earning a small margin on each transaction. They compete on fee transparency, success rates, and supported markets. And because many users value speed and ease, on-ramps can charge a premium. For comparison, traditional bank wires or remittance services often charge 6–10% for cross-border transfers; stablecoin on-ramps aim to undercut that (sometimes offering >60% cost savings) but still earn their own cut.

The Six-Layer Backend Stack

Although buying a stablecoin feels instant, it requires a complex six-layer infrastructure behind the scenes. One analysis breaks this down as follows:

• 1. Licensing & Regulatory Compliance: First, the on-ramp operator must have the right licenses in each market. This often includes money-transmitter or e-money licenses (for handling fiat) and crypto licenses (for issuing/delivering tokens). In the US that means Money Transmitter Licenses (state-by-state) and FinCEN registration; in the EU/UK it means e-money or Virtual Asset Service Provider licenses. Acquiring and maintaining these licenses is costly and time-consuming, so many on-ramps partner with licensed banks or PSPs to cover jurisdictions instead of obtaining each license themselves. But every market served usually adds a new compliance layer.
• 2. Payment Processing (Card Network Access): Next, the on-ramp needs to technically process payments. That means hooking into card networks (Visa/Mastercard) and bank rails. To do this, the company must either be a direct member of Visa/MC (which is usually only open to big banks or fintechs) or partner with banks/acquirers (like Stripe, Adyen, Checkout.com) that have network access. This involves onboarding as a merchant, underwritten by the bank, and integrating with multiple processors and acquirers. Many on-ramps manage a network of payment processors to maximize approval rates and payment options (MoonPay, for instance, integrates dozens of local rails, cards, PayPal, Apple/Google Pay, etc.).
• 3. Identity Verification (KYC/AML): Before any fiat can be accepted or crypto issued, most jurisdictions require Know-Your-Customer/Anti-Money Laundering checks. The on-ramp must collect user identity info (ID documents, proof of address, etc.), screen against sanction lists, and monitor for fraud. Building an in-house KYC system is hard, so many use third-party KYC providers (Sumsub, Onfido, etc.) and integrate them into the flow. This layer also includes ongoing compliance like filing suspicious activity reports. MoonPay, for example, has a dedicated AML team and spends about $1 per user KYC check.
• 4. Liquidity / Treasury Management: Once a payment clears, the on-ramp must actually deliver the stablecoins. This means sourcing $100 worth of USDC to give the user. There are two main approaches:
  • Pre-funded Treasury: The on-ramp keeps pools of each stablecoin on various blockchains. When a user buys, it deducts from its inventory. This requires intelligent treasury management: predicting demand by currency and chain, then pre-loading wallets. It ties up capital.
  • Just-in-Time Sourcing: The on-ramp could instead wait until a user pays and then immediately buy stablecoins from an exchange or OTC desk via API. This avoids holding inventory but requires fast execution and reliable counterparty liquidity.
    Either way, this “liquidity layer” must cover all supported stablecoins and blockchains. Many on-ramps support dozens of tokens, requiring connections to centralized exchanges (like Coinbase, Binance, Kraken) or DeFi swap pools. For example, some providers partner with crypto liquidity platforms (MoonPay has a partnership with Mastercard-backed Paxos for USD stablecoin liquidity).
• 5. Wallet Integration: After obtaining the stablecoins, the system needs to get them into the user’s wallet. Some on-ramps simply send tokens to a user-provided address, but many also bundle a wallet service to simplify things. This can involve using “wallet-as-a-service” solutions (Magic, BitGo, Fireblocks, etc.) so users don’t have to manage keys or seed phrases. The integration must ensure the right coin arrives on the right network to the user’s wallet or custody solution. For embedded on-ramps (like in a third-party app), this often means an API that the app calls to get deposit addresses and confirm delivery.
• 6. Custody & Security: Finally, the on-ramp (and its partners) must securely hold private keys for any on-ramp-owned wallets. This means robust custody solutions, hardware security modules (HSMs), multi-sig or MPC, and strict controls (spending limits, approval workflows). Many on-ramps outsource this to custodians like Fireblocks, Anchorage, Coinbase Custody, etc. Secure custody is critical because any hack or key loss could wipe out funds.

Each layer above is essential. Licensing and compliance ensure the business can legally accept money; payment access lets funds actually flow; KYC/AML keeps it above board; liquidity sourcing actually delivers stablecoins; wallets make the tokens usable; and custody keeps everything safe. As one analysis puts it: “Stablecoins may seem simple on the surface. But delivering them at scale, compliantly, and securely requires a deeply orchestrated backend stack”.

Developers building or choosing an on-ramp must account for all six layers. Skipping or skimping on any layer can break the system: lacking a license can halt operations, poor KYC invites legal trouble, or bad treasury management can cause a “no liquidity” freeze. In short, while the user experience is quick, the plumbing is complex and multi-layered.

Revenue Streams: Fees and Spreads

Stablecoin on-ramps have a few revenue levers:

• Transaction Fees: The most visible revenue is the fee charged to the user per transaction. This is typically a small percentage of the amount (e.g. 1–5%) plus any fixed processing fee. Card payments especially incur higher fees (including interchange fees from banks). Providers often advertise “competitive fees” but these are usually passed to the user. Some example fee ranges:
  • Credit/debit cards: ~2–6% (high due to card network fees).
  • Bank transfers (ACH, SEPA): ~0.5–2% (lower, but slower).
  • Mobile money: ~1–3% (varies by country and partner).
    MoonPay notes that “All fiat onramps will include transaction fees… [which] depend on the payment method, order size, and market conditions”. It charges a small base fee plus a dynamic fee based on on-chain network congestion.
• Exchange Spread: Even though stablecoins are “1:1” with fiat, in practice on-ramps may slightly widen the buy/sell spread. For example, the quoted exchange rate might be $1.00 USDC = $1.01 USD on the buy side. That 1-cent spread is extra revenue (or a buffer) for the on-ramp, especially if they are fetching stablecoins from market makers.
• Funding Float (Interchange): When a user pays by card, there is typically a delay of 1–3 days before the on-ramp receives funds from the bank. During that float period, the on-ramp holds fiat. In some jurisdictions, any interest earned on merchant float must be paid to users (Interchange Settlement in EU). In practice, on-ramps often split interchange revenue with platform partners (e.g. wallets) or absorb it. The key point is that card networks pay interchange fees to merchants; on-ramps may use that to subsidize lower user fees. MoonPay’s partnership with Mastercard, for instance, likely involves some interchange rebate deal.
• B2B Integration / Embedding: On-ramps earn revenue by integrating into apps. For example, a fintech might embed an on-ramp widget (like Ramp’s widget or Transak’s SDK) and share fees. The integration partner often takes a cut. This model is akin to how Stripe or Plaid share interchange.
• White-Labeling and SaaS: Some on-ramps offer their tech as a service to other companies (white-label or API licensing), earning flat fees or revenue share for API usage. This is still essentially a fee business, but counted as platform revenue.

Overall, most money comes from per-transaction commissions. In high-volume corridors (like remittances to Africa), even a 2% fee on billions of USD represents large revenue streams. However, competition and price sensitivity (especially in developing markets) means on-ramps constantly optimize costs (routing through cheaper payment rails, etc.) to stay competitive. Still, as Orca Research notes for remittances, traditional methods charge 6–10% while stablecoin routes can cut that cost by ~60% – leaving plenty of room to charge a decent fee while being cheaper than the alternative.

Global Regulatory Landscape

Stablecoin on-ramps operate at the intersection of crypto and traditional finance, so regulation is a constant focus. Recent laws and rules around the world are quickly shaping what these businesses can and cannot do. Key developments include:

• United States (GENIUS Act, 2025): In July 2025, the U.S. passed the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act as federal law. This is the first comprehensive U.S. law on stablecoins. It requires 100% reserve backing for payment stablecoins (strictly in USD or short-term Treasuries) and mandates monthly public attestations of those reserves. It also imposes tough consumer protections: issuers can’t claim government backing or implied guarantees, and in case of insolvency, stablecoin holders get priority over other creditors. Crucially for on-ramps, the GENIUS Act brings all payment stablecoin issuers under the Bank Secrecy Act, meaning they must have full AML/KYC programs and be subject to FinCEN enforcement. In short, the U.S. now has federal guardrails ensuring stablecoins are fully backed and regulated like money transmitters. Foreign stablecoins (like USDT) aren’t banned, but any service dealing with them in the U.S. will fall under these new rules.
• European Union (MiCA Regulation): The EU’s Markets in Crypto-Assets regulation (MiCA), coming into force in stages (2024–2025), creates a pan-European crypto regime. Under MiCA, fiat-backed stablecoins are classified as “Electronic Money Tokens” (EMTs) and must be 100% backed by liquid, low-risk assets (such as bank deposits or sovereign debt). Issuers need authorization in one EU country and then can “passport” that license across all 27 member states – simplifying cross-border on-ramp setups within the EU. However, MiCA forbids algorithmic stablecoins (like the old TerraUSD model) altogether. It also prohibits offering interest on stablecoins (no yield-bearing features). Importantly for on-ramps, MiCA gives regulators the power to limit foreign-currency stablecoins: if a non-euro stablecoin exceeds ~€200 million in daily volume or 1 million transactions in the EU, regulators can require it to be scaled back or halted. This effectively discourages heavy use of USD-pegged coins in the EU. The practical effect is that EU on-ramps will focus on MiCA-compliant stablecoins (like USDC or newly approved euro-pegged tokens) and must ensure issuers meet MiCA’s reserve and auditing rules.
• United Kingdom (FCA/Treasury Framework): The UK is finalizing its own crypto framework (the “Crypto Stormo” roadmap). In May 2025, the FCA launched consultation papers for stablecoin issuance and custody. The proposed UK regime would treat issuance of UK-based fiat stablecoins as a regulated activity under the FCA, with strict backing requirements (issuers must hold reserves in trust and segregated). The FCA also plans to bring payment services law to bear on any use of stablecoins for payments. This means that any “payment arrangers” (wallets, exchanges, apps) using stablecoins for payments will need FCA authorization and must apply FCA standards even to overseas stablecoins they use. In practical terms, a UK on-ramp must comply with both crypto asset regulations (for issuance/custody) and payment regulations (for stablecoin transfers). The UK draft rules also indicate that widely-used stablecoins (if any become systemic) could be subject to Bank of England oversight. Overall, the UK approach emphasizes consumer protection and prudential safeguards similar to bank deposits.
• Hong Kong (Stablecoin Ordinance, 2025): Hong Kong passed a new Stablecoins Ordinance, effective August 1, 2025. It is one of the first fully built-out fiat-stablecoin laws. Under this law, any issuer of USD- or HKD-pegged stablecoins must be licensed by the Hong Kong Monetary Authority. One striking feature: very strict KYC. Issuers must verify the identity of every holder of a regulated stablecoin – essentially eliminating anonymous wallets for those coins. The HKMA has signaled only a few licenses will be granted initially. Industry observers note this high compliance bar could discourage usage, especially for foreign users. In essence, Hong Kong is welcoming stablecoin issuers but insisting on bank-like KYC/AML on-chain. For on-ramps, this means partnering with HK-licensed stablecoin issuers could involve heavy user ID checks (for both senders and recipients).

Treatment of Foreign Stablecoins

Different jurisdictions also handle foreign/non-local stablecoins in unique ways:

• EU: MiCA allows holding foreign stablecoins (like USD-backed) as crypto assets, but severely limits their use as payment means. A foreign stablecoin issuer has no EU license by default, so an EU on-ramp using it would count as an “asset referenced token” or foreign token, subject to that €200M/day cap. In practice, major EU exchanges have delisted USDT and encourage USDC/EURC which are compliant. So an on-ramp in the EU will generally stick to MiCA-authorized stablecoins.
• US: The GENIUS Act focuses on issuers, not users. Technically any stablecoin can be used in the US (as crypto), but if it’s called a “payment stablecoin” used widely, it must follow the new rules. Foreign issuers (like Tether Ltd.) may not be directly subject to US oversight unless they operate there. However, on-ramps and payment platforms using foreign stablecoins will be under FinCEN/SEC scrutiny. There’s also talk of requiring stablecoin-like tokens to be regulated if broadly used for payments.
• UK: The draft UK rules explicitly require that platforms evaluate any stablecoin used in UK payments. That effectively means an overseas stablecoin issuer must meet FCA-like standards if their coin is channeled through a UK on-ramp. The UK also considers the overseas stablecoin and its collateral when assessing compliance.
• Hong Kong: Only HK-licensed stablecoins can be offered as regulated instruments. A foreign stablecoin could be held privately, but on-ramps serving HK clients would likely avoid them to not trigger KYC rules for users. In practice, HK’s focus is on domestic stablecoin issuance (e.g. HKD or USD stablecoins issued there).

In summary, on-ramps must navigate not just local rules, but also these cross-border restrictions. Many on-ramps will specialize or geo-block services: e.g. a UK or EU on-ramp might not offer USDT to local users, or a Hong Kong on-ramp will only handle HK-approved coins.

Emerging Markets and Africa: Opportunities & Challenges

Stablecoin on-ramps have special significance in emerging markets, where traditional finance can be slow and fragmented. Africa in particular is a leading case:

• Opportunities: Many African economies face high inflation and weak local currencies (e.g. Nigeria’s naira, 73% depreciation in 3 years). As a result, people want dollar-like stability and cheap remittance channels. Stablecoins (USD-pegged) offer both. For example, remittances to Sub-Saharan Africa increasingly use crypto rails – over 30% of remittances went via crypto in 2024 (up from 9% in 2021). In Nigeria alone, stablecoins handled $22 billion in transfers in 2024. Africans often use stablecoins as a store of value (to hedge inflation) and for cross-border payments. In many cases, a person in Europe can send USDC that is cashed out as local currency by an African recipient via mobile money or bank transfer in minutes. This is often much faster and cheaper than Western Union (where fees might be 7% for a simple $200 transfer). One analysis calls this the “stablecoin sandwich”: a local on-ramp (buy coin in country A), cross-border transfer, then a local off-ramp (sell coin in country B). This cuts remittance time to seconds and fees to a fraction.
• Fragmented Infrastructure: However, Africa also has fragmented rails. Many countries have informal FX markets and limited access to formal banking. That means fiat-to-crypto bridges are often run by startups and even OTC desks, rather than international banks. Examples:
  • Yellow Card (based in Nigeria) is a licensed on-ramp operator in 20+ African countries, allowing easy conversion between local fiat and major stablecoins. It partners with Circle (for USDC) and Visa to connect to payment networks.
  • MFS Africa/Onafriq operates a large cross-border payments network and has integrated USDC settlement – letting users move funds instantly across borders.
  • Paycrest (a newer solution) acts like a decentralized off-ramp: it lets anyone provide local currency for stablecoins, matching buyers/sellers on-chain with zero fees for senders. For example, an app like Noblocks uses Paycrest smart contracts to enable instant bank or mobile-wallet payouts in Ghana or Nigeria from USDC transfers, using local liquidity providers.
• On-Ramps in Africa: Beyond remittances, startups have built on-ramps. OneRamp (acquired by ViFi Labs in 2025) lets users in Kenya, Nigeria, Uganda, Tanzania buy/sell stablecoins and pay vendors from one app. It integrates with local mobile money and banks so users can spend USDT/USDC directly. Another example is Binance P2P or Luno, which offer ways to buy USDT with local cash. But formal licensed on-ramps (with regulated custody) are relatively new. These African on-ramps often target B2B use: paying freelancers, suppliers, or handling diaspora remittances.
• Challenges:
  • Regulation Gaps: Many African countries have unclear crypto rules. Except for Nigeria (which now recognizes crypto under SEC oversight) and South Africa (where crypto is a financial product under FAIS), most regulators are still drafting frameworks. This uncertainty scares big players, leaving local startups to fill the gap.
  • Banking Hesitancy: Banks in Africa often restrict crypto transactions, making it hard to integrate with the banking system. On-ramps need to partner with progressive banks or rely on fintech rails (like mobile money networks).
  • Infrastructural Siloes: Each country may have different payment methods. An on-ramp that works in Nigeria might not work in Ghana. This raises costs: the provider must integrate dozens of local payment APIs and compliances.
  • Competition with Informal FX: In many markets, black-market FX rates exist that are more favorable than the official rate. Stablecoin on-ramps must compete with these informal channels on price and convenience.

Despite challenges, the market opportunity is huge. Africa’s crypto adoption is already the highest globally (9.3% of population, led by Nigeria). Investors estimate a ~$540 billion annual crypto/stablecoin market in Africa+LATAM. For on-ramp businesses, this means large volume potential (for example, 54 million Africans use crypto, with stablecoins accounting for 43% of transactions in Sub-Saharan Africa).

Innovations targeting Africa include fiat-stablecoin bridges:

• Fiat-to-Stable Bridges: Apps and platforms that let a user convert, say, Nigerian Naira to USDT at a competitive rate. Yellow Card and OneRamp do this. Their revenue is often a small spread plus any fees, and they partner with local money services and exchanges.
• Embedded Wallets/Offramps: Some mobile money or fintech apps are adding stablecoins into their workflows. For example, a digital banking app might let you top-up with crypto. This expands usage beyond pure crypto wallets.

Ultimately, stablecoins offer African users the benefits of global dollars and fast transfers. On-ramps capitalize by making those conversions as seamless and legal as possible. Studies note that success will go to providers with smooth user experiences, deep local integrations (e.g. agents or mobile money) and strong compliance. In Africa’s case, the priority is access – many users have basic phones or use WhatsApp – so on-ramps that offer offline or chat-based buying (with crypto handled invisibly) can win mass adoption.

Case Studies: MoonPay, Ramp, Transak, and Africa On-Ramps

MoonPay (US): One of the earliest and largest global on-ramps, MoonPay (founded 2019) integrates with hundreds of wallets and apps. Technically, MoonPay built multi-rail payment processing and wallet infrastructure as described above. They hold dozens of licenses (registered with the UK FCA, the Central Bank of Ireland, and over 48 U.S. state money-transmitter licenses). This broad licensing lets them legally sell crypto and stablecoins in 150+ countries. MoonPay typically charges users a fee (and share) and delivers coins in minutes. They also do KYC on behalf of wallet partners. In terms of revenue, MoonPay’s model is to be a “plug-and-play” on-ramp SDK; partners enter a revenue-share percentage that is split on each sale. They handle all fraud and chargebacks, which appeals to merchant partners. In short, MoonPay is a one-stop global on-ramp, earning through user fees on each crypto purchase.

Ramp Network (UK): Ramp is a London-headquartered stablecoin on-ramp. It is registered with the UK FCA (as a cryptoasset business), and in the US it has FinCEN/MSB registration plus some state transmitter licenses (e.g. Alabama, Maryland). Ramp often partners with infrastructure providers (it uses ZeroHash in some US states) to expand coverage. Ramp charges competitive fees for buys/sells and offers 100+ coins. As a UK company, Ramp’s model emphasizes compliance: all fiat payments and crypto transfers go through licensed channels. It also recently integrated stablecoins like EURQ and USDQ (regulated in Europe) to support fiat tokens. Ramp’s revenue comes from transaction margins and fixed fees, and it appeals to crypto wallets and apps by offering a global fiat-to-crypto widget. Its risk page notes they maintain strict AML checks and that users in unsupported countries simply cannot use the service.

Transak (US/Global): Transak (Miami) started as a fiat-onramp company and now pitches itself as the “backend infrastructure for stablecoin payments”. It offers modular APIs and widgets to onboard users anywhere into stablecoins via KYC, bank transfers, etc. Transak’s CEO points out that behind every “simple” stablecoin payment is a tangled “messy middle” of compliance, fraud checks, wallet transfers, etc., which Transak handles. Today Transak powers 450+ crypto apps and has processed over $1.5 billion. It has active or pending licenses in the US, EU, UK, Canada, India, Australia, UAE and Hong Kong – underscoring the global licensing challenge. Transak’s revenue model is similar: fees on transactions via its APIs, and split if integrated. Notably, Transak emphasizes stablecoin-specific features: it can trigger on-chain swaps or smart contract execution directly (for staking, NFTs, etc.) immediately after fiat is received. This end-to-end service (from fiat payment through KYC to on-chain transaction) is a key selling point.

Africa On-Ramps: In Africa, we see specialized on-ramps emerging to deal with local needs:

• Yellow Card (Nigeria): A regulated on-ramp in Nigeria that lets users buy/sell USDC/USDT with naira and many other African currencies. They have partnered with Circle to integrate USDC and with Visa to expand payment options. Yellow Card takes a fee on trades and uses local KYC processes. It serves both individual users and businesses looking to hold or pay out stablecoins.
• OneRamp/Onramp (Uganda startup): OneRamp (recently acquired by ViFi Labs) operates in Kenya, Nigeria, Uganda, Tanzania. It targets institutions and individuals who want to spend stablecoins into mobile money or banks across Africa. For example, a company could pay a Ugandan contractor in USDT, and OneRamp would convert and send funds to the contractor’s mobile wallet instantly. Onramp’s revenue comes from a small spread on these conversions. They report an annualized revenue run-rate of $1.2 million with 25,000+ users, showing traction.
• Noblocks / Paycrest (Nigeria/Ghana): These are examples of “invisible” on-ramps/off-ramps using DeFi. Noblocks is an app that lets African businesses do cross-border stablecoin payments. Behind it, Paycrest’s protocol matches stablecoin sender to local currency receivers via smart contracts. Senders pay essentially no fees; Paycrest rewards liquidity providers. This model is attracting institutions by providing instant, free conversions on-chain. It’s more of a P2P model but serves a similar bridge role.

These case studies illustrate the diverse on-ramp strategies. Established players like MoonPay/Ramp operate globally with strict licensing and pay-per-tx fees, serving many currencies and apps. Emerging-market on-ramps often focus on a few countries, integrate with local payment networks (mobile money, domestic banks), and serve use cases like remittance and trade finance. In all cases, success depends on balancing user experience (fast, easy, low fee) with compliance and risk control.

Scaling Globally (and Compliantly)

Taking a stablecoin on-ramp business global is hard. The requirements above (six-layer stack) must be replicated or adapted in each market. Some key insights:

• Licenses Everywhere: As MoonPay’s CTO explains, reaching “global” means dozens of licenses. MoonPay holds 48 U.S. state money-transmitter licenses, plus FCA crypto registration and EU registrations. Each new country can require a new license or registration. Some on-ramps avoid this by partnering with licensed entities or by limiting service in high-regulated markets.
• Local Payment Rails: You need to support local payment methods everywhere. MoonPay, for example, integrated local bank transfers, credit cards, and mobile rails (Apple/Google Pay, PIX in Brazil, Faster Payments in the UK). Building these connections is time-intensive. Many on-ramps become multi-acquirer networks, intelligently routing payments to minimize declines.
• Multi-Currency Treasury: If you operate in dozens of countries, you might need treasury in dozens of currencies and stablecoins. On-ramps like MoonPay keep stablecoin reserves across multiple chains and manage currency conversions internally. They may also offer dozens of cryptocurrencies (MoonPay offers 160+), which means deeper integration with blockchains.
• Unified KYC/Compliance Engine: Scaling means dealing with 50+ KYC regimes. A scalable on-ramp often builds a single compliance pipeline that can ask different questions based on user location and source of funds. For example, MoonPay uses a customizable KYC flow that adapts to local requirements. They’ve built infrastructure (often absorbing costs themselves) to make switching jurisdictions smoother.
• Operational Overhead: Running on-ramps globally requires large teams. MoonPay mentions having a 35-person compliance team, 22 in fraud, plus devops, support, etc.. Each new market adds regulatory reporting burden (filings, audits). An international on-ramp must invest heavily in operations, compliance officers, and engineers.
• Strategic Partnerships: To grow faster, on-ramps often partner. Mastercard partnerships (MoonPay/Paxos) help scale card acceptance. Integrations with major wallets (MetaMask, Ledger have integrated Transak) expand reach. Some on-ramps white-label their tech (e.g. Transak powering other exchanges’ fiat rails).
• Regulatory Agility: Since rules are evolving (see above), successful on-ramps maintain policy teams and agile product roadmaps. They need to quickly adapt to, for example, a new travel rule or a ban on algorithmic tokens.

In short, scaling globally and compliantly means sacrificing simplicity for coverage. A U.S. startup on-ramp that only worked in one state could be lightweight. But a global on-ramp must juggle dozens of systems. This is why only a few large players (MoonPay, Wyre, etc.) dominate globally – they have built this enormous infrastructure. Niche players often focus regionally (e.g. Latin America, Africa) and partner abroad only for flows out/in.

Conclusion

Stablecoin on-ramps sit at a fascinating crossroads: they combine fintech payments with blockchain rails. On the surface they solve a simple problem – buy stablecoins with fiat – but the underlying machinery is highly complex. This blog has broken down how on-ramps work (fees, infrastructure layers) and how they must comply with a patchwork of new laws (GENIUS, MiCA, FCA rules, HK Ordinance).

For entrepreneurs, the key is execution: build a user-friendly flow while quietly running compliance, risk, and liquidity engines under the hood. For regulators, on-ramps highlight the need to balance innovation (lowering remittance costs, improving access) with safeguards (stablecoin backing, AML control).

Looking ahead, stablecoin on-ramps are likely to keep growing – stablecoins themselves are exploding in use. But we may see further consolidation: only those who master global licensing, payment integration, and user experience at scale will thrive. The rest will find niche regional or integrated B2B roles.

All told, a stablecoin on-ramp business is part bank, part fintech, part crypto startup – and demands expertise in all three. With clear rules (like MiCA and GENIUS) and the right partnerships, they can unlock huge markets (especially in the developing world). But skipping the hard work in the six-layer stack or ignoring local regulations will mean failure. The stakes are high, but so is the opportunity: a multi-trillion-dollar stablecoin economy awaits those who build the bridges between fiat and crypto safely.