PYUSDx Stablecoin Platform Launches with $100 Million in Processed Volume

A new stablecoin platform, PYUSDx, has launched with approximately $100 million in processed volume, enabling businesses to issue their own custom stablecoins backed by PayPal's PYUSD. The collaboration between PayPal, digital asset technology firm M0, and crypto infrastructure provider MoonPay aims to expand the utility of PayPal's stablecoin into a foundational layer for developers.

Platform Launch and Key Metrics

PayPal, M0, and MoonPay announced the public launch on September 9, 2026, positioning PYUSDx as a service for companies to create their own stablecoins without building the underlying technology from scratch. The platform combines M0's tokenization technology with MoonPay's issuance and reserve operations infrastructure, all using PayPal's PYUSD as the core reserve asset.

The initial launch partners have already demonstrated significant activity on the platform:

• Saturn, a structured finance protocol, has issued its stablecoin USDat, with approximately $65 million in circulation.
• Concrete, an onchain vault infrastructure firm, launched its reward-bearing stablecoin, ConcUSD.
• Cap, a covered credit platform, migrated a portion of its native stablecoin, cUSD, which has approximately $92 million in total circulating supply, to the new platform.

Strategic Implications for the Stablecoin Market

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The launch of PYUSDx represents a strategic push by PayPal to deepen its involvement in the digital asset space. By providing the rails for other financial products, PayPal is expanding the ecosystem around its stablecoin, which is issued by the OCC-regulated Paxos Trust Company.

"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. The platform's model allows each builder to focus on their unique product offering rather than on core infrastructure.

Broader Market Context

This development comes as the stablecoin sector continues to grow. According to the announcement, total stablecoin circulation crossed $300 billion for the first time in late 2025, while global monthly transfer volume topped $7.2 trillion in early 2026, reportedly overtaking the US ACH network.

Zach Kwartler, Head of Stablecoins at MoonPay, noted the significance of the platform's initial traction. “The significance of PYUSDx crossing $100 million is that the scale comes from builders using the same infrastructure in entirely different ways,” he stated. Additional companies, including USD.AI and Fairblock, are also slated to launch stablecoins on the platform.