PayPal has launched PYUSDx, a new developer platform that lets businesses create custom stablecoins backed by PayPal USD (PYUSD). The platform went live on September 9 with more than $100 million in processed volume.
The launch expands PayPal’s role in the stablecoin market. Instead of offering PYUSD only as a standalone digital dollar, the company now provides infrastructure that allows other businesses to build financial products around it.
PYUSDx brings stablecoin builders onboard
PayPal developed PYUSDx with blockchain infrastructure provider M0 and crypto payments company MoonPay. M0 built the platform’s core infrastructure, while MoonPay manages the PYUSD reserves supporting tokens issued through the system.
Three projects, Saturn, Concrete and Cap, are already live on PYUSDx. Each uses the platform for a different financial application.
- Saturn uses USDat for settlement and liquidity within its digital credit ecosystem.
- Concrete uses ConcUSD within its onchain vault infrastructure.
- Cap uses cUSD for its credit platform.
Together, the projects have generated more than $100 million in processed volume on PYUSDx.
The platform aims to simplify stablecoin creation
PYUSDx gives businesses access to infrastructure that can otherwise require significant development, reserve management and operational resources. Builders can create application-specific tokens while relying on PYUSD as the underlying asset.
The approach could also help PayPal expand PYUSD adoption. Each new product can introduce PYUSD-backed liquidity to another segment of the digital asset market.
The broader stablecoin market continues to expand rapidly. Stablecoin circulation has remained above $300 billion, while monthly transfer activity reached trillions of dollars in 2026. PayPal’s latest move positions PYUSD to compete not only as a payment token but also as infrastructure for customized financial applications.
The company has already lined up additional projects, including USD.AI and Fairblock. If adoption continues, PYUSDx could give PayPal a broader role in the growing market for programmable digital dollars.
