PayPal Expands Stablecoin Ambitions with Custom Token Platform

PayPal has expanded its stablecoin ambitions with the launch of PYUSDx, a platform that enables businesses and developers to create their own custom stablecoins. These tokens are backed by PayPal's existing PYUSD token, which itself is issued by Paxos and pegged to US dollar reserves.

The platform was built in partnership with M0 and MoonPay, bringing together expertise in token infrastructure and crypto payment rails. Features include multi-chain compatibility, allowing tokens to be deployed across different blockchains, and customizable economics that let issuers set their own fee structures and incentive models.

Three launch partners, Saturn, Concrete, and Cap, have collectively processed over $100 million in volume through PYUSDx. Saturn's custom token, USDat, has been the standout performer, with roughly $65 million in circulation.