PayPal Unveils Custom Stablecoin Platform for Businesses

PayPal has launched its PYUSDx platform, which allows businesses to create customized stablecoins backed by PayPal's USD. The platform, developed in collaboration with M0 and MoonPay, enables companies to issue tokens for specific use cases such as settlement or credit.

The first three projects on the platform are Saturn, Concrete, and Cap, which have collectively processed over $100 million in combined volume at launch. These projects can configure their own tokens with custom features such as branding, access restrictions, reward distribution, and collateral policies.

Unlike PayPal's original stablecoin, PYUSDx tokens cannot be sent or received within the PayPal and Venmo payment applications. However, they can be used in external blockchain applications and specialized financial products.