PayPal, MoonPay and M0 Launch PYUSDx Stablecoin Platform With $100 Million in Processed Volume
PayPal, MoonPay and M0 Launch PYUSDx Stablecoin Platform With $100 Million in Processed Volume #
PayPal, MoonPay and stablecoin infrastructure firm M0 opened their PYUSDx platform to the public on September 9, about six months after the three companies first previewed the concept. The platform lets developers and enterprises issue branded stablecoins backed by PayPal’s PYUSD token. Three firms are already live on it, with combined processed volume above $100 million.
PYUSDx combines M0’s stablecoin technology with MoonPay’s issuance and distribution infrastructure. The companies say developers can configure a token’s name, symbol, reward distribution model, control features and reserve composition, and take a stablecoin from concept to live deployment in days rather than months. The platform handles cross-chain compatibility, on-chain reserve transparency and reporting.
PayPal has described the project as an effort to extend PYUSD from a consumer payments token into a layer of on-chain financial infrastructure. PYUSD is issued by Paxos Trust; PYUSDx is a separate product offered through MoonPay Digital Assets Limited.
Three launch partners span different financial verticals. Saturn, a structured finance protocol using Bitcoin-backed digital credit, deployed a stablecoin called USDat through PYUSDx; about $65 million of that token is currently in circulation. Concrete and Cap, covering investment and DeFi use cases respectively, are also live on the platform.
The companies noted that global stablecoin circulation has surpassed $300 billion and monthly on-chain transfer volume has climbed above $7.2 trillion, reportedly exceeding the US ACH network earlier in 2026. PYUSDx is aimed at builders who want more customization than an off-the-shelf token but lack the resources to build stablecoin infrastructure from scratch.
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