PayPal Launches Platform for Application-Specific Stablecoins
PayPal has partnered with crypto specialists MoonPay and M0 to create an infrastructure platform called PYUSDx. This platform allows developers to quickly launch application-specific stablecoins backed by PayPal's own dollar-backed stablecoin, PYUSD.
Launched in 2023, PYUSD is issued by Paxos Trust Company, a federally regulated national banking association. The new platform combines M0's universal stablecoin and digital token platform with MoonPay's issuance and distribution infrastructure.
According to PayPal, developers will be able to launch branded application-specific stablecoins backed by PYUSD in days. These stablecoins will have cross-chain compatibility and reserve transparency. This is part of what May Zabaneh, SVP, GM, crypto at PayPal, calls 'the next phase of stablecoin adoption'.
Developers want to build differentiated experiences without having to rebuild trusted monetary infrastructure from scratch, says Zabaneh. The platform aims to help bring new, application-specific stablecoins to market, anchored in a regulated and trusted foundation.