PayPal, MoonPay, and M0 launch PYUSDx stablecoin platform

PayPal, MoonPay, and M0 have launched PYUSDx, a new infrastructure platform designed to allow businesses and blockchain developers to create customized, branded stablecoins. The platform utilizes PayPal’s USD-pegged stablecoin, PYUSD, as the underlying reserve asset.

Under this framework, M0 provides the technical stablecoin infrastructure, while MoonPay manages the issuance, distribution, and collateral transparency. This allows developers to launch specialized digital assets without building their own reserve management or tokenization systems from scratch. While PYUSD is issued by Paxos Trust Company, the tokens created via PYUSDx are separate assets issued by MoonPay Digital Assets.

The platform has already seen initial adoption, with projects such as Saturn, Concrete, Cap, and the AI infrastructure project USD.ai utilizing the service. The platform aims to support rapid issuance, cross-blockchain compatibility, and on-chain verification of reserves. Currently, PYUSDx tokens are not supported for direct storage, transfer, or payment within standard PayPal or Venmo accounts.