PayPal, M0 and MoonPay launched PYUSDx on Sept. 9, an issuance framework that allows businesses to create application-specific tokens backed by PayPal USD. The platform has processed more than $100 million, with Saturn, Concrete and Cap using the technology to launch products. USD.AI and Fairblock were also listed as related projects. PYUSDx is not a stablecoin itself. Businesses can issue branded digital dollars backed by PYUSD, set rules for access, collateral, rewards and cross-chain use, and convert the assets back into PYUSD when required. M0 co-founder and CEO Luca Prosperi said the product layer is left to developers, allowing different businesses to build different products on shared infrastructure. PayPal senior vice president and general manager of crypto May Zabaneh said the stablecoin market is rapidly maturing. On Sept. 10, total stablecoin market capitalization was about $305.25 billion, with USDT accounting for 60.07%. PYUSD had a market capitalization of about $2.814 billion and ranked eighth. MoonPay Digital Assets Limited issues the custom tokens, while Paxos Trust Company issues PYUSD, which PayPal says is redeemable one-to-one for U.S. dollars and backed by dollar deposits, U.S. Treasuries and similar cash equivalents. The custom tokens do not automatically have the same issuer relationship or redemption rights as PYUSD, and they cannot currently be used inside PayPal or Venmo.