PayPal, M0 and MoonPay launched PYUSDx on the 9th, a platform that enables businesses to issue stablecoins under their own brands. PYUSDx uses PayPal’s stablecoin as its backing asset through on-chain smart contracts. Bitcoin-collateralized lending platform Saturn, on-chain credit provider Concrete and asset-management platform Cap joined at launch, with combined processing exceeding $100 million. The article also notes that the GENIUS Act does not establish a two-tier structure.