PayPal Expands Stablecoin Ecosystem with PYUSDx Launch

PayPal has launched PYUSDx, a platform designed to allow businesses to create custom stablecoins backed by PayPal's USD (PYUSD). This move expands the payments company's efforts to build infrastructure around dollar-denominated digital assets.

Developed in partnership with M0 and MoonPay, PYUSDx provides a way for companies to issue their own stablecoins using PayPal's existing infrastructure. At launch, three crypto-focused companies - Saturn, Concrete, and Cap - are already using the platform, processing over $100 million in volume.

The expansion of PYUSD comes as the stablecoin is now available in 70 markets worldwide. According to M0 CEO Luca Prosperi, PayPal's reach through its Venmo platform could support wider adoption of PYUSD.