PayPal launches PYUSDx platform enabling businesses to create custom stablecoins

PayPal, M0, and MoonPay have launched PYUSDx, a developer platform enabling businesses to issue custom, branded stablecoins backed 1:1 by PayPal USD (PYUSD). The platform went live on September 9, 2026, with launch partners Saturn, Concrete, and Cap collectively processing over $100 million in transaction volume. PYUSDx aims to compress token deployment timelines from months to days by outsourcing reserve management and compliance, positioning PYUSD as a foundational reserve asset.

PYUSDx platform launch

• ▪PayPal, M0, and MoonPay launched the PYUSDx developer platform on September 9, 2026, allowing businesses to create custom stablecoins backed by PayPal USD (PYUSD).
• ▪The PYUSDx platform was first announced by PayPal, M0, and MoonPay in February 2026 before its public launch in September 2026.

Platform technical architecture

• ▪PYUSDx tokens are issued by MoonPay Digital Assets Limited, while Paxos Trust Company continues to directly issue the underlying PYUSD stablecoin.
• ▪PYUSDx tokens cannot currently be sent, received, or used for payments inside the consumer-facing PayPal or Venmo applications.
• ▪M0 developed the programmable token and reserve management infrastructure for PYUSDx, while MoonPay provides the issuance, onboarding, and distribution services.

Early adoption metrics

• ▪USD.AI and Fairblock are expected to integrate and launch their own custom stablecoins on the PYUSDx platform in the future.
• ▪Saturn, Concrete, and Cap are the first three active projects operating on the PYUSDx platform at launch.
• ▪Concrete launched the ConcUSD stablecoin on PYUSDx, while Cap migrated a portion of its native cUSD stablecoin to the platform.
• ▪Saturn launched the USDat stablecoin on PYUSDx for everyday liquidity and settlement, which has approximately $65 million in circulation.

Transaction volume milestones

• ▪The three launch partners of PYUSDx collectively processed more than $100 million in transaction volume on the platform at launch.
• ▪The reported $100 million volume represents processed activity across the launch projects rather than the market capitalization or assets under management of PYUSDx.

Stablecoin market growth

• ▪PayPal's PYUSD is the eighth-largest stablecoin by market capitalization, with a valuation of approximately $2.81 billion as of September 10, 2026.
• ▪Global monthly stablecoin transfer volume topped $7.2 trillion in early 2026, overtaking the United States Automated Clearing House (ACH) network for the first time.
• ▪The total stablecoin market capitalization was valued at approximately $305.25 billion on September 10, 2026, with Tether's USDT holding a dominant 60.07% share.

Custom stablecoin infrastructure

• ▪Custom stablecoins minted through PYUSDx are backed 1:1 by PYUSD, turning PayPal's stablecoin into a reserve asset for external financial applications.
• ▪PYUSDx compresses the timeline for businesses to launch a custom stablecoin from several months to days by providing pre-built compliance, reserve, and technical infrastructure.