PayPal launches PYUSDx custom stablecoin platform

PayPal, together with crypto infrastructure firm M0 and payments company MoonPay, has officially launched PYUSDx, a platform that allows businesses to issue their own customized stablecoins backed one-to-one by PayPal USD. The platform went live on September 9, 2026, several months after the partners first announced the framework in February. Three projects are already operating on the platform: Saturn, which runs a dollar-denominated settlement token called USDat; Concrete, which launched concUSD for its on-chain investment vault; and Cap, which introduced cUSD as the native dollar asset for its credit platform. According to M0's announcement, the three businesses have collectively processed more than $100 million through the platform. The companies have not provided a breakdown of that figure by project, and it refers to processed volume rather than market capitalization or reserves. Saturn's USDat has roughly $65 million in circulation, making it the largest of the three launch tokens. PYUSDx is not itself a stablecoin but an issuance framework. Each custom token is backed one-to-one by PYUSDx held in an on-chain contract, which in turn is backed by PYUSD.