PayPal Expands Crypto Strategy with Launch of Customized Stablecoin Platform

PayPal's crypto strategy has expanded as PYUSDx goes live with $100M in assets under management. The platform, launched in partnership with MoonPay and M0, allows businesses to issue their own tokens backed by PayPal's stablecoin, PYUSD. This move enables companies to create customized stablecoins for their customers, without having to build out the underlying payment and reserve system.

Several projects have already launched on the platform, including Saturn's USDat, Concrete's concUSD, and Cap's cUSD. These tokens are primarily used for lending, investments, and other on-chain financial services rather than everyday retail payments.

One key aspect of PYUSDx is that it is still run by MoonPay Digital Assets, even though it uses PayPal branding. Tokens created through the platform are issued by MoonPay, not by PayPal or Paxos.