Crypto
PayPal Unveils Developer Platform for Custom Stablecoins
PayPal has launched PYUSDx, a developer platform that enables companies to create their own on-chain financial products. The platform allows developers to build custom stablecoins backed by PayPal's dollar-backed token, PYUSD.
The launch of PYUSDx marks a new stage for PayPal's stablecoin strategy. PYUSD was first introduced in August 2023 as a payment solution for Ethereum and online commerce.
According to M0, the processed volume on PYUSDx exceeded $100 million at launch, with three live projects already using the platform: Saturn, Concrete, and Cap.
Saturn uses USDat as its digital dollar for everyday liquidity and settlement, while Concrete uses concUSD for its on-chain vault ecosystem. Cap has launched cUSD for its credit platform.