PayPal-Backed PYUSDx Hits $100 Million in Processed Volume
The PYUSDx platform has reached a milestone of $100 million in processed volume, marking a significant expansion of the stablecoin ecosystem. The platform, built by M0 with reserve operations from MoonPay, allows businesses to launch their own custom stablecoins backed by PayPal USD (PYUSD).
PayPal, along with M0 and MoonPay, announced the public launch of PYUSDx in September 2026. Saturn, Concrete, and Cap are among the first companies to launch stablecoins on the platform, demonstrating its potential for widespread adoption.
Saturn's USDat is a structured finance protocol built on digital credit backed by Bitcoin, with approximately $65 million currently in circulation. Concrete powers onchain vault infrastructure, using automated systems to allocate and compound returns across DeFi venues like Morpho. Cap runs a covered credit platform where depositors supply capital to institutional borrowers.
The PYUSDx platform combines M0's universal stablecoin technology with MoonPay's issuance and distribution infrastructure. The significance of reaching $100 million in processed volume lies in the fact that it comes from builders using the same infrastructure in entirely different ways, said Zach Kwartler, Head of Stablecoins at MoonPay.