PayPal launches PYUSDx platform, enabling enterprises to issue custom stablecoins backed by PYUSD.

BlockBeats News, September 9 - PayPal has launched PYUSDx, a custom stablecoin development platform. Built with assistance from stablecoin technology firm M0 and crypto payment company MoonPay, the platform allows enterprises to issue custom stablecoins backed by PayPal USD (PYUSD).

PYUSDx is now officially live, with the first batch of crypto-native companies including Saturn, Concrete, and Cap, which together have brought over $100 million in processed transaction volume to the platform. USD.AI and Fairblock will also launch stablecoins through the platform.

Tokens within the PYUSDx ecosystem are issued by MoonPay Digital Assets Ltd. The platform combines M0's universal stablecoin and digital token technology with MoonPay's issuance and distribution infrastructure, providing enterprises with stablecoin creation and circulation services.