PYUSDx Surpasses $100 Million in Volume with Custom Stablecoin Issuance
The PYUSDx platform has surpassed $100 million in volume since its launch, according to recent reports. The platform allows companies to issue custom stablecoins backed by PayPal USD ($PYUSD).
M0 and MoonPay partnered with PayPal to launch the PYUSDx platform, which combines M0's stablecoin issuance technology with MoonPay's token issuance and distribution capabilities.
The first projects using PYUSDx are Saturn, Concrete, and Cap. Saturn uses PYUSDx to issue its USDat stablecoin for liquidity and settlements. Approximately $65 million of USDat is currently in circulation.
Concrete provides on-chain vault infrastructure and launched ConcUSD through PYUSDx, a reward-bearing stablecoin that allows users to receive part of the returns generated by its strategies.