ChainCatcher report: PayPal has announced the expansion of its stablecoin business to PYUSDx, a custom token issuance platform. Built on PayPal USD (PYUSD) and developed with the assistance of fiat-backed token experts M0 and crypto payment company MoonPay, PYUSDx provides infrastructure for any business to issue custom stablecoins backed by PYUSD. First announced in February this year, PYUSDx is now officially live. Initial launch partners include crypto-native companies Saturn, Concrete, and Cap, which together have brought over $100 million in processed transaction volume to the platform. PYUSDx tokens are issued by MoonPay Digital Assets Ltd., combining M0’s universal stablecoin and digital token technology with MoonPay’s issuance and distribution infrastructure. Additionally, USD.AI and Fairblock will also launch stablecoins on PYUSDx. M0 CEO Luca Prosperi stated that as more financial institutions enter the space, the industry is facing fragmentation, and most institutions lack understanding of how to interact with developers; thus, M0 is facilitating integration for new projects across the board by abstracting complexity and risk at the intermediate layer.
PayPal Launches Custom Token Issuance Platform PYUSDx
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Summary
PayPal has launched PYUSDx, a new token initiative in the stablecoin space. Built on its PayPal USD (PYUSD), the platform partners with M0 and MoonPay to enable businesses to issue tokens backed by PYUSD. Early adopters Saturn, Concrete, and Cap have already processed over $100 million in volume. USD.AI and Fairblock are preparing to list new tokens on the platform. M0 CEO Luca Prosperi said the tool helps reduce complexity for financial institutions.
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