PYUSDx stablecoin platform crosses $100 million in scale

New York, NY, USA, September 9th, 2026, Chainwire As stablecoin issuance and usage accelerate, the PYUSD ecosystem is expanding alongside it. PayPal becomes one of the first global consumer payments brands to transform its stablecoin into a developer platform: PYUSDx, built by M0 with reserve operations from MoonPay, makes PYUSD the backbone for a new generation of custom stablecoins. Saturn, Concrete, and Cap are live at launch, with approximately $100 million in processed volume on the platform. Stablecoin circulation crossed $300 billion for the first time last October and has held above it since, while global monthly transfer volume topped $7.2 trillion in early 2026, overtaking the US ACH network for the first time. M0, MoonPay, and PayPal announced the public launch of PYUSDx, a platform that gives any business the infrastructure to launch its own custom stablecoin backed by PayPal USD (PYUSD), with Saturn, Concrete, and Cap live on the platform today. "The stablecoin market is maturing fast. What separates the next phase from the last isn't the asset. It's what companies can do with it. PYUSDx is designed to answer that," said May Zabaneh, Senior Vice President and General Manager of Crypto at PayPal. Builders have historically had three options when it comes to stablecoins: use an existing asset, build their own from scratch, or partner with infrastructure providers like M0 and MoonPay to create a custom stablecoin without developing the underlying technology. PYUSDx extends that third path to PayPal’s ecosystem and PYUSD rails. Saturn, Concrete, and Cap have launched stablecoins on the PYUSDx platform with over $100 million in processed volume, demonstrating how a single infrastructure can underpin fundamentally different financial products across credit, investments, and DeFi. Saturn is a structured finance protocol built on digital credit backed by Bitcoin. USDat, issued on PYUSDx, is Saturn’s stablecoin for everyday liquidity and settlement, with roughly $65 million currently in circulation. Its staked counterpart, sUSDat, gives holders exposure to STRC, Strategy's perpetual preferred equity, which currently pays a variable distribution. PYUSDx allowed Saturn to skip months of work on compliance, reserves, and payment rails and focus on the product its users actually see. Concrete powers onchain vault infrastructure, using automated systems to allocate, rebalance, and compound returns across DeFi venues like Morpho. Concrete's flagship stable vault holds more than $800 million in stablecoin strategies overall. PYUSDx let Concrete turn a portion of its liquidity buffers into ConcUSD, its own reward-bearing stablecoin, passing the economics back to depositors with better rates and reduced strategy risk. Cap runs a covered credit platform where depositors supply capital, institutional borrowers deploy it to generate returns, and underwriters backstop the risk. A portion of its native stablecoin, cUSD, was migrated to PYUSDx as a configurable extension of PYUSD.