PayPal Backed Stablecoin Platform PYUSDx Launches With Over $100 Million in Volume
PayPal, MoonPay, and M0 have launched PYUSDx, a developer platform that allows companies to issue custom on-chain dollars backed by PayPal's USD (PYUSD). The platform was first previewed in February and has now gone live with three issuers - Saturn, Concrete, and Cap - already processing over $100 million in volume.
The platform is built on top of PYUSD, which remains a Paxos-issued product backed by dollar deposits, Treasuries, and similar cash equivalents. Tokens created on PYUSDx are not PayPal or Paxos products and cannot be used inside PayPal or Venmo wallets.
The design is meant to give builders the flexibility to create custom tokens while partners handle the underlying monetary plumbing. Teams can set names, symbols, reward routing, freeze controls, and other contract-level behavior, then mint against 1:1 PYUSD reserves.