PayPal Launches Platform for Customized Stablecoin Issuance

PayPal has launched PYUSDx, a platform that enables companies to issue customized stablecoins using PayPal USD (PYUSD) as the reserve asset.

With this platform, companies can set the name, symbol, reward distribution model, control features, and reserve composition of their stablecoins without having to build infrastructure for issuing and redeeming them.

PayPal first unveiled PYUSDx in February and has been working with partners like M0 and MoonPay to develop the platform.

The company aims to expand its existing infrastructure from a payments token into on-chain financial infrastructure that developers can use.