PayPal launches PYUSDx, letting businesses issue their own custom stablecoins backed by PYUSD
The developer platform, built with M0 and MoonPay, lets companies configure their own application-specific tokens without building issuance infrastructure themselves; three companies were live at launch with combined processed volume above $100 million.
PayPal, working with infrastructure firm M0 and crypto services provider MoonPay, launched PYUSDx on September 9, a developer platform that lets businesses issue their own custom, application-specific stablecoins backed by PayPal USD (PYUSD) rather than building token-issuance and liquidity infrastructure from scratch.
PYUSDx is an issuance framework, not a consumer-facing stablecoin of its own. Builders using the platform can configure a token's name, access controls, reward-distribution rules and collateral policy, while MoonPay Digital Assets Limited issues the resulting custom tokens and holds the underlying PYUSD reserves that back them. Paxos Trust Company remains the issuer of the underlying PYUSD itself. The companies were explicit that tokens minted through PYUSDx are not PayPal products, are not affiliated with Paxos, and cannot be stored, sent or received inside the PayPal or Venmo apps.
Three companies — Saturn, Concrete and Cap — were live on the platform at launch, with combined processed volume exceeding $100 million. Two additional projects, USD.AI and Fairblock, are expected to launch their own tokens on PYUSDx, though neither company has disclosed a specific timeline.
The launch extends PayPal's stablecoin strategy beyond PYUSD itself into infrastructure other companies build on top of, a model closer to how cloud providers rent out computing capacity than to how a bank issues its own currency. It also arrives as U.S. stablecoin issuance continues to expand following last year's GENIUS Act framework, with major payments and technology companies increasingly competing on the infrastructure layer beneath stablecoins rather than only on branded tokens.