PayPal is turning PYUSD into a foundation other companies can build on. That’s the idea behind PYUSDx, built by M0 with MoonPay. Fairblock is using PYUSDx as the infrastructure for CUSD, its confidential dollar. Here’s what that actually means: PYUSD is no longer just a stablecoin for PayPal’s own ecosystem. PYUSDx gives businesses a developer platform to launch their own application-specific dollar products, backed by PYUSD reserves, without having to build the issuance and reserve infrastructure themselves. One important difference: PYUSDx tokens are not PYUSD itself. They are issued through MoonPay and backed by PYUSD reserves. They also cannot currently be sent, received, or used inside PayPal or Venmo.​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​ M0 reports that the platform has already crossed $100 million in processed volume. The relationship is easier to understand this way: PYUSD → the underlying dollar asset. PYUSDx → the issuance and developer infrastructure. CUSD → Fairblock’s confidential dollar built on that infrastructure. CUSD isn’t live yet. Fairblock is currently collecting sign-ups through a waitlist. @0xfairblock already has Stabletrust, its platform for confidential stablecoin transfers, live on Arbitrum. The idea is simple: use dollar stablecoins on public rails without putting sensitive commercial data on display. Public chains can expose sensitive enterprise data: • Payroll can expose employee compensation. • Treasury movements can reveal balance size and liquidity. • OTC transactions can reveal trade size and market direction. • Merchant payments can expose supplier terms and margins. Public blockchain transparency makes transactions easy to verify onchain, but it isn’t practical for every commercial operation. CUSD is designed around selective confidentiality. Transaction amounts and balances can stay encrypted, while addresses remain traceable. When needed, authorized parties can disclose specific transaction details for audits, compliance, and review. In simple terms: privacy with controls, not an anonymous dark pool. CUSD is designed to provide this without requiring users to move onto a separate privacy chain. The approach is simple: • Public rails • Confidential transactions • Controlled disclosure Stablecoins already move money onchain. The harder problem for businesses is doing that without exposing sensitive commercial data to everyone, while still keeping transactions auditable when necessary. The same model could extend beyond stablecoins to tokenized assets, B2B payments, enterprise operations, and agentic finance. If it works in practice, it could make stablecoins more practical for institutional use. Waitlist: https://t.co/yBPHL6wHsI