Exodus launches XO Cash stablecoin, expands into payments

Exodus announced the launch of Exodus Pay and a dollar-backed stablecoin called XO Cash as it expands from a wallet provider into a payments company. The firm reported a large reduction in Bitcoin holdings and a strengthened cash position in its Q1 earnings report.

Exodus Pay lets users spend crypto directly from their Exodus wallets and is now available across the U.S. and Europe. XO Cash is a dollar-backed stablecoin the company says is designed for transactions involving AI agents.

The company said Exodus Pay integrates XO Cash and other crypto balances, enabling card-like or direct payments while users retain control of their private keys. Exodus completed acquisitions of Monavate and Baanx to add regulatory and payments infrastructure that the company said will support a full payments stack.

Exodus reported its digital asset holdings fell to about $48 million at the end of Q1 from more than $156 million at year-end 2025. Cash and cash equivalents rose to nearly $73 million from under $5 million at year-end 2025.

The firm reduced its Bitcoin holdings from 1,704 BTC to roughly 628 BTC in the quarter, which it valued at about $50 million at current market prices. Management said the reductions funded repayment of a Bitcoin-backed loan to Galaxy and covered acquisition-related costs. Exodus also sold roughly 37 ETH and increased its Solana holdings from 12,473 SOL to 17,541 SOL, valued at about $1.65 million.

Chief executive JP Richardson characterized the product expansion as an extension of the company’s original goals. “Exodus has always been about simplicity and control; that vision hasn’t changed since 2015,” Richardson said. He added that the balance-sheet changes left the company debt-free and that the firm maintains a long-term conviction in Bitcoin.

Exodus said it will measure transaction volume and the quarterly split between payments and trading revenue as it evaluates the payments business. Shares of Exodus fell 9.6% on Tuesday to close at $6.97. The stock has gained nearly 9% over the last month but remains down about 53% year-to-date.