PayPal, M0 and MoonPay publicly launched PYUSDx on September 9, 2026, opening a platform through which businesses can create application-specific stablecoins backed by PayPal USD (PYUSD). The launch expands the role of PYUSD from a single PayPal-branded token into backing infrastructure for other branded stablecoins. M0 Research said the platform had already crossed $100 million in scale.
The arrangement gives companies a route to issue tokens tailored to their own applications while relying on PYUSD reserves. M0 supplies the underlying token and stablecoin infrastructure, while MoonPay Digital Assets Limited issues the PYUSDx tokens and holds the PYUSD reserves that back them.
Launch customers and volume
PYUSDx launched with three live users—Saturn, Concrete and Cap—that together represented more than $100 million in processed platform volume at launch, according to CoinDesk. USD.AI and Fairblock were identified as projects still in development.
The figure reflects processed platform volume, not the market capitalization or circulating supply of an individual PYUSDx token. The platform is designed to give businesses a distinct distribution model for PYUSD by allowing them to deploy application-specific stablecoins backed by PYUSD rather than use the original token directly.
M0, MoonPay and the reserve structure
MoonPay said M0 provides PYUSDx’s token and stablecoin infrastructure, while MoonPay Digital Assets Limited issues the PYUSDx tokens and holds the corresponding PYUSD reserves. That division allows companies to create branded, PYUSD-backed tokens without building the underlying stablecoin infrastructure themselves.
The reserve backing for those PYUSDx tokens remains PYUSD held by MoonPay Digital Assets Limited, separating the technology layer from the entity responsible for issuance and reserve management.
PYUSDx platform architecture showing PYUSD reserves held by MoonPay and the infrastructure powered by M0. — Source: M0 Research
Branded PYUSD-backed tokens
PYUSDx was initially announced in February 2026. In a February 27 announcement distributed through PR Newswire, the partners said the platform would support branded PYUSD-backed stablecoins, cross-chain compatibility and reserve transparency.
The September public launch now puts into operation the framework described in the same announcement, which said businesses could move from concept to launch in days rather than months. It includes the first three named customers; the supplied announcements, however, do not detail the chains they use or their individual token configurations.
The infrastructure is positioned for more than one blockchain environment through its stated cross-chain compatibility, while application-specific issuance could allow businesses to give their stablecoins separate brands and retain PYUSD-linked backing.
How PYUSDx differs from PYUSD
PYUSDx is separate from PYUSD, PayPal’s original dollar stablecoin. PayPal launched PYUSD on August 7, 2023; it is redeemable one-to-one for U.S. dollars and issued by Paxos Trust Company, according to PayPal’s launch announcement.
MoonPay Digital Assets Limited issues PYUSDx and holds the PYUSD reserves behind it. PYUSD remains the underlying backing asset, while PYUSDx is the framework for branded, application-specific tokens; M0 provides the infrastructure used to create and operate them.
In short, Paxos is the issuer of PYUSD, and MoonPay Digital Assets Limited is responsible for issuing PYUSDx and holding its PYUSD reserves.
