PayPal, MoonPay and M0 Partner to Launch PYUSDx Stablecoin Framework
PayPal and MoonPay’s PYUSDx, developed with M0, enables developers to create custom stablecoins backed by PYUSD, fostering cross-chain innovation beyond consumer-facing PayPal USD use cases.
PayPal and MoonPay, in collaboration with M0, announced on Feb. 27 the launch of PYUSDx, a framework enabling developers to create custom stablecoins backed by PayPal USD. PYUSDx operates independently from PayPal’s existing PYUSD operations and supports cross-chain deployment. The framework is designed for reserve-transparent, application-specific digital currencies. The first project to utilize PYUSDx will be USD.ai. Tokens created via PYUSDx cannot be stored, sent, or used within PayPal or Venmo accounts, underscoring its developer-focused design rather than consumer integration.
- Stablecoin: A cryptocurrency pegged to a stable asset, typically a fiat currency like USD, to reduce volatility.
- Tokenization: The process of converting real-world assets or rights into digital tokens on a blockchain.
- Cross-chain: Technology allowing digital assets or data to move between different blockchain networks.