PayPal launches PYUSDx after $100M milestone

PayPal, M0 and MoonPay officially launched the PYUSDx custom stablecoin platform on Sept. 9 with three active projects that the companies said have collectively processed more than $100 million. Summary PYUSDx lets businesses issue customized stablecoins backed by PayPal USD through modular token infrastructure services. Saturn, Concrete and Cap launched tokens that collectively processed more than $100 million already combined. MoonPay Digital Assets issues PYUSDx tokens while Paxos separately issues the underlying PYUSD stablecoin directly. PYUSDx tokens currently cannot be sent, received or used inside PayPal and Venmo payment applications. USD.AI and Fairblock are expected to join after the first three platform projects launched publicly. PYUSDx allows businesses to issue application-specific stablecoins backed by PayPal USD. Companies can give their tokens separate names and configure access restrictions, reward distribution, collateral policies and cross-chain availability. The partners initially announced the framework in February. As crypto.news previously reported, PayPal and MoonPay introduced the custom stablecoin infrastructure as a way for developers to create branded ...