PayPal's Custom Stablecoin Platform Hits $100M in Volume
PayPal has launched PYUSDx, its custom stablecoin platform, after hitting a milestone of over $100 million in processed volume. The platform allows businesses to issue customized stablecoins backed by PayPal USD through modular token infrastructure services.
The first three projects operating through the platform are Saturn, Concrete, and Cap, which have collectively processed more than $100 million in combined volume at launch. Saturn uses the system for USDat, a dollar-denominated token designed for settlement, while Concrete launched concUSD for its on-chain vault infrastructure, and Cap introduced cUSD as the native dollar asset for its credit platform.
The companies behind PYUSDx have not provided a breakdown of how much of the reported $100 million came from each project. However, they claim that businesses can reduce the time required to create a customized stablecoin from several months to days using this platform.