PayPal Unveils Platform for Custom Stablecoins and Financial Products
PayPal has launched PYUSDx, a platform that enables companies to create custom on-chain financial products and stablecoins backed by PayPal's USD (PYUSD) stablecoin.
M0 serves as the technical partner for the project, while MoonPay handles token issuance and distribution.
The platform allows developers to customize various parameters of their tokens, including name, ticker, branding, reward distribution, account freezes, and reserve asset composition.
Tokens issued through PYUSDx can be exchanged for PYUSD and USDC through built-in on-chain liquidity mechanisms, reducing the risk of isolation within separate ecosystems.
As of its public launch on September 9, three projects were fully operational on PYUSDx, with a combined transaction volume exceeding $100 million.