PayPal Stablecoin Launchpad Reaches $100 Million Volume
PayPal's new stablecoin launchpad PYUSDx has reached $100 million in volume on its first day, despite the company's struggles to boost adoption of its traditional stablecoin, PYUSD.
The platform, which allows businesses to create configurable on-chain products backed by PayPal USD, was built with M0 and MoonPay. It enables programmable dollars, something traditional stablecoins lack.
According to a recent announcement, the launch gives PayPal another route to expand PYUSD beyond its existing circulation of roughly $2.9 billion. The developer platform already has three projects: Saturn, Concrete, and Cap.
However, PayPal's stock is currently on a downward trend as more institutions show stablecoin ambitions. Its stock price, PYPL, is trading at $52, over 80% below its 2021 peak of $300.