PayPal, M0 and MoonPay launched the PYUSDx stablecoin issuance platform on Sept. 9, with three projects already processing more than $100 million combined. The tokens run on PayPal's PYUSD reserve but cannot be used inside PayPal or Venmo, and two more projects are expected to join later.
PayPal, M0 and MoonPay officially launched the PYUSDx custom stablecoin platform on Sept. 9 with three active projects that the companies said have collectively processed more than $100 million. PYUSDx lets businesses issue their own branded stablecoins backed by PayPal USD, using modular token infrastructure rather than building issuance and liquidity systems from scratch.
Three projects cross $100 million combined
Saturn, Concrete and Cap are the first projects operating through the platform, and M0 said the three businesses brought more than $100 million in combined processed volume at launch. Saturn uses the system for USDat, a dollar-denominated token for settlement. Concrete launched concUSD for its on-chain vault infrastructure, while Cap introduced cUSD as the native dollar asset for its credit platform.
The companies have not provided a breakdown showing how much of the $100 million came from each project, nor have they disclosed whether the figure represents transfers, settlement volume, minting activity or another measure. As a result, the number should not be treated as the platform's revenue or assets under management — it is a reported measure of processed activity supplied by the companies behind the launch.
USD.AI and Fairblock are expected to integrate later, though neither project has disclosed a confirmed activation date, so their participation remains planned rather than active.
MoonPay issues the tokens, not PayPal
MoonPay Digital Assets Limited issues the custom tokens created through PYUSDx, while PayPal and Paxos do not directly issue those derivative tokens despite their connection to the PYUSD reserve asset. Paxos Trust Company issues the underlying PYUSD stablecoin, which PayPal's official disclosure says is redeemable one-to-one for U.S. dollars and backed by dollar deposits, U.S. Treasuries and similar cash equivalents.
This distinction matters for anyone assessing issuer and redemption risk, because holding a custom token does not necessarily create the same direct relationship that a holder of Paxos-issued PYUSD may have with its issuer. Each PYUSDx token's terms can also depend on the participating business, MoonPay's issuance structure and the smart contracts governing conversions, so users need to examine each token's documentation rather than assume identical redemption rights across projects.
PayPal and Venmo apps stay out of scope
PYUSDx tokens currently cannot be sent, received or used inside PayPal or Venmo, separating the new platform from PayPal's consumer-facing PYUSD services. Eligible PayPal customers can already buy, hold, transfer and sell PYUSD, and businesses can use the original stablecoin for supported payments, but those functions do not automatically extend to USDat, concUSD, cUSD or future PYUSDx assets.
PayPal has continued to expand PYUSD's reach elsewhere: the stablecoin became available through Polygon's Open Money Stack. Separately, PayPal made stablecoins a corporate growth priority after processing $486.4 billion in quarterly payment volume. PYUSDx gives PayPal another way to build demand for PYUSD without directly operating every application built on top of it, though the partners have not published targets for future issuance or reserve demand.
The next confirmed step is adding USD.AI and Fairblock, though PayPal, M0 and MoonPay have not announced precise launch dates, supported networks or initial issuance amounts for either integration.
Source: crypto.news
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