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PayPal launches PYUSDx, a custom stablecoin developer platform
PYUSDx goes live with tokens issued by Saturn, Concrete and Cap, with the partners bringing more than $100 million in processed volume to the platform.
PayPal expanded its stablecoin push with PYUSDx, a custom stablecoin developer platform designed to let businesses create stablecoins backed by PayPal USD, PYUSD, the company said Tuesday. The platform is built with support from fiat-pegged token specialist M0 and crypto payments firm MoonPay.
According to CoinDesk, PYUSDx was first teased in February and is now going live with tokens issued by crypto native firms Saturn, Concrete and Cap. The three partners bring over $100 million of processed volume to the new platform, a press release cited by CoinDesk said.
PYUSDx provides the infrastructure for businesses to start a custom stablecoin backed by PYUSD, as competition in stablecoin rails grows beyond the largest issuers, Tether and Circle. PayPal is positioned to reach a broader audience through services like Venmo, CoinDesk said, and the platform aims to simplify integrations for developers.
CoinDesk also reported that PYUSDx tokens are issued by MoonPay Digital Assets Ltd. The platform combines M0's stablecoin and digital token technology with MoonPay's issuance and distribution infrastructure, and additional companies mentioned by the release include USD.AI and Fairblock.