The US-based payments company PayPal has launched PYUSDx, a stablecoin issuance platform built with M0 and MoonPay, and backed by its PYUSD token.
PayPal expanded its stablecoin infrastructure with the launch of PYUSDx, a developer platform that allows businesses to issue custom stablecoins backed by PayPal USD (PYUSD). The platform was developed in partnership with M0, a fiat-pegged token infrastructure provider, and MoonPay, a crypto payments firm. PYUSDx was first announced in February 2026 and has now moved into live operation, according to the companies.
PYUSD, PayPal’s dollar-backed stablecoin, has expanded to users across 70 markets, covering the following regions: Europe, Asia-Pacific, North America, and Latin America. With this in mind, the company is building PYUSD on two fronts at once: as a token other businesses can issue on, and as a currency PayPal's own users can hold, transfer, and spend across a wider footprint.
Platform capabilities and early adopters
PYUSDx combines M0's stablecoin and digital token infrastructure with MoonPay's issuance and distribution capabilities. Tokens issued through the platform are handled by MoonPay Digital Assets Ltd. At launch, PYUSDx is live with tokens issued by three crypto-focused firms, Saturn, Concrete, and Cap, which together have processed over USD 100 million in volume on the platform. Two additional companies, USD.AI and Fairblock, are also introducing stablecoins through PYUSDx.
Positioning within the stablecoin market
The launch places PayPal alongside a broader group of payments and financial institutions building stablecoin infrastructure beyond Tether and Circle Internet, the two established stablecoin issuers. Other payment companies, including Stripe, have also expanded into stablecoin infrastructure, reflecting increased competition in the sector as financial services activity moves onchain.
PayPal began offering crypto buying and selling services in 2020 and has since continued to develop PYUSD. Luca Prosperi, CEO of M0, said PayPal's reach through its Venmo platform positions the company to expand PYUSD adoption. Prosperi added that growing involvement from financial institutions in stablecoins is creating fragmentation across the market and that many of these institutions lack established ways of engaging with developers directly. M0's infrastructure is intended to reduce that complexity by providing a common layer for integrating new stablecoin projects.
