MoonPay to Acquire North Capital in All-Stock Deal Worth Over $60M

This is a payments company buying regulated securities plumbing, which signals where the tokenization race is actually being contested: not in token issuance, but in broker-dealer and ATS layers that legacy finance already trusts. The deal matters most for platforms that want to distribute tokenized or private securities without building compliance from scratch, and it puts MoonPay closer to competitors that already own regulated rails. The open question is regulatory approval, and whether an all-stock structure signals confidence in MoonPay's own valuation or a preference to preserve cash.