Exodus launches non-custodial payments as it expands beyond core wallet product

NYSE-listed Exodus (ticker EXOD) is looking to expand beyond its core wallet business with the introduction of Exodus Pay, a self-custodial payments platform. The firm is opening its waitlist on Tuesday.

According to an announcement, Exodus Pay represents "the first step in Exodus’ evolution from a self-custodial digital asset wallet into a single app for holding, spending, and sending digital dollars, without compromising self-custody."

Crypto payments represent one of the oldest use cases for peer-to-peer digital currencies. Although there has been limited uptake, the sector has seen increasing attention since President Donald Trump signed the GENIUS Act supporting stablecoins into law.

Exodus has signaled in recent months that it would be expanding support for crypto and stablecoin payments, perhaps most notably through its $175 million acquisition of W3C Corp and subsidiaries Baanx and Monavate. Benchmark said this acquisition was "transformational," giving Exodus meaningful card-issuing scale that could drive longer-term growth.

The new feature, integrated directly in the Exodus app, is particularly looking to facilitate "real-world financial" use cases and is designed with the non-native crypto user in mind. Users will be able to "spend anywhere with a card or Apple Pay," send stablecoins using phone numbers, and earn rewards for holding balances and spending.

In time, Exodus hopes to expand beyond dollar and crypto balances into additional asset classes to "allow people to manage all of their assets in one place."

"Today, most people need at least three different apps to manage their money, one to get paid, one to pay friends, and one to invest or buy crypto," Exodus CEO JP Richardson said in a release. "Exodus Pay aims to bring everything you need to manage digital assets into the seamless experience our customers already know and love –and makes stablecoin spending feel as easy as tap-to-pay."