PayPal, M0 and MoonPay have launched PYUSDx, a platform that allows companies to issue customized stablecoins backed by PayPal USD (PYUSD). The platform has processed more than $100 million in volume since launch, with Saturn, Concrete and Cap among its first users. M0 supplies the issuance technology, while MoonPay manages token issuance and distribution, combining both systems with PayPal’s PYUSD infrastructure. Saturn uses PYUSDx for USDat and related structured-credit products, while Concrete and Cap apply the infrastructure to investment and DeFi products. Earlier launch reporting measured the milestone as $100 million in assets under management, creating a distinction from the latest volume figure. PYUSDx products currently focus on lending, investments and other onchain financial services rather than everyday retail payments. The platform supports Ethereum, Arbitrum and Monad, and its conversion tools are designed to reduce the need for separate liquidity pools. Customized tokens cannot currently be held, sent or received through PayPal or Venmo accounts because of regulatory restrictions, with availability varying by company, token and country.