PayPal taps MoonPay and M0 to launch PYUSDx stablecoin mining framework
PayPal, MoonPay and M0 are launching PYUSDx, allowing developers to issue branded tokens backed by PayPal USD.
The product is designed so that app developers can launch their own dollar tokens without building backup and compliance infrastructure from scratch. The release is scheduled for next month.
May Zabaneh, head of crypto at PayPal, said: “The next adoption of Statcoin is happening at the application layer.
PYUSDx integrates M0's token issuance technology with MoonPay's operational tools to enable launch in days instead of months. The framework supports deployment across multiple blockchains and provides transparent backup reporting.
USD.ai, a decentralized financial protocol focused on AI infrastructure, will be the first developer on the platform, creating a purpose-built stable coin for the ecosystem.
Tokens generated through PYUSDx remain separate from PayPal USD itself and cannot be held or transferred through PayPal or Venmo wallets.
In the year Introduced by Paxos Trust Company in August 2023, PayPal's dollar has grown steadily and is now the sixth largest stablecoin by market capitalization, with more than $4.1 billion in circulation, according to CoinGecko data.
