PayPal, M0 and MoonPay officially launched the PYUSDx platform on September 9, enabling the issuance of custom stablecoins backed by PayPal USD. At launch, three active projects — Saturn, Concrete and Cap — had collectively processed more than $100 million. The platform allows companies to issue specialized stablecoins through modular token infrastructure services, including the ability to set individual names, configure access restrictions, collateral policies and availability across different blockchains.
Saturn uses PYUSDx to issue USDat — a dollar-denominated token designed for settlements. Concrete launched concUSD through the platform for its on-chain vault infrastructure, while Cap introduced cUSD as the native dollar asset for its lending platform. The platform was developed by M0, which provides programmable token infrastructure that allows issuers to configure individual components rather than relying on a fixed stablecoin model. MoonPay Digital Assets issues custom tokens through PYUSDx, while Paxos Trust Company issues the underlying PYUSD stablecoin, redeemable one-to-one for US dollars and backed by dollar deposits, US Treasuries and similar cash equivalents. The partners first announced the structure in February. Two additional platforms — USD AI and Fairblock — are planned for integration later, with no specific launch dates announced.
Importantly, PYUSDx tokens currently cannot be sent, received or used within the PayPal and Venmo apps. This separates the new platform from the consumer-facing PYUSD services available through PayPal's applications. Eligible PayPal customers can buy, hold, transfer and sell PYUSD, and businesses can use the original stablecoin for supported payments. However, these features do not automatically extend to USDat, concUSD, cUSD and future PYUSDx assets. The PayPal brand and the underlying stablecoin should not be interpreted as a guarantee that every custom token will function within PayPal's payment network.
Developers claim that PYUSDx can reduce the time required to create a custom stablecoin from several months to just days, though this depends on the specific project, its technical requirements and applicable regulatory approvals. The platform operates as an infrastructure layer for external blockchain applications and specialized financial products. PayPal processed $486.4 billion in payment volume during the quarter and positions stablecoins as part of its broader payments strategy. PYUSD was previously made available through Polygon's Open Money Stack.
It is also worth noting that the stated $100 million figure is a collective measure of processed activity across three projects, not platform revenue or assets under management. The companies have not provided a project-by-project breakdown or clarified what exactly the figure represents — whether transfers, settlement volume, minting activity or another metric. Paxos, for its part, publishes reserve information via its transparency page and provides monthly reports and third-party attestations. The regulatory treatment of PYUSDx tokens may vary depending on jurisdiction and use case: a token used for lending, rewards or restricted settlements may be subject to different rules than a payment stablecoin. Holders should review the documentation of each individual token rather than assuming uniform redemption rights.