PayPal's PYUSDx Platform Launches with $100M in Assets Under Management

PayPal's crypto strategy has expanded as PYUSDx goes live with $100M in assets under management. This move allows businesses to issue tokens backed by PYUSD, a stablecoin designed to remain at $1. MoonPay issues customized tokens using PayPal's PYUSD as the backing.

The platform supports Ethereum, Arbitrum, and Monad, and built-in conversion tools allow participants to change tokens without each project needing to create a new liquidity pool.

Saturn has launched USDat, Concrete has concUSD for its investment services, while Cap has moved part of its cUSD system onto the platform. These companies mainly target lending, investments, and other onchain financial services instead of everyday retail payments.