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 digital dollars without independently building issuance and liquidity systems. M0 developed the programmable token infrastructure used by PYUSDx. Its system lets issuers configure individual components instead of accepting a fixed stablecoin model. MoonPay contributes issuance, onboarding and distribution services. PayPal supplies the ecosystem connection through PYUSD. The arrangement extends the role of PayPal’s stablecoin beyond direct payments by allowing other financial applications to use it as an underlying reserve asset. The companies said the structure can reduce the time required to create a customized stablecoin from several months to days. That remains a company claim and will depend on the project, its technical requirements and applicable regulatory approvals. PYUSDx is not a stablecoin itself. It is an issuance framework supporting separate digital tokens. Each participating company can configure a token for its own settlement, credit, treasury or decentralized-finance use case. JUST IN: PYUSDx now has $100 million in stablecoin assets under management The PayPal-linked launchpad is running on MoonPay pic.twitter.com/Zxi0w9a3y9 — crypto.news (@cryptodotnews) September 10, 2026 You might also like: PayPal stablecoin strategy expands after $486.4B quarter Three PYUSDx projects bring more than $100 million Saturn, Concrete and Cap are the first projects operating through the platform. M0 said the three businesses brought more than $100 million in combined processed volume at launch. The disclosed figure refers to activity connected with those projects rather than the market capitalization of PYUSDx. Saturn uses the system for USDat, a dollar-denominated token designed for settlement. Concrete launched concUSD for its on-chain vault infrastructure, while Cap introduced cUSD as the native dollar asset for its credit platform. The projects retain control over branding and certain operating rules. They can also determine how returns or incentives are distributed, subject to their chosen structures and applicable laws.