PYUSDx Platform Surpasses $100 Million in Scale
The stablecoin market continues to grow rapidly, with PayPal's PYUSDx platform crossing $100 million in scale. Launched by PayPal, M0, and MoonPay, PYUSDx is a developer platform that enables businesses to create their own custom stablecoins backed by PayPal USD (PYUSD).
The platform has already seen significant adoption, with three companies - Saturn, Concrete, and Cap - launching stablecoins on the platform. These companies have reported over $100 million in processed volume, demonstrating the potential of PYUSDx.
M0's CEO and Co-founder Luca Prosperi noted that the platform is designed to give builders more control over their products, allowing them to focus on what makes their stablecoin unique. 'Every stablecoin platform makes choices about which layers to bundle together and which to leave open,' he said. 'We built PYUSDx so the product layer belongs to the builder.'
PYUSDx tokens are issued by MoonPay Digital Assets Limited, combining M0's universal stablecoin and digital token technology with MoonPay's issuance and distribution infrastructure.