MoonPay, M0 together with PayPal introduced PYUSDx, an infrastructure platform for issuing application-specific stablecoins backed by PayPal USD (PYUSD).
The announcement took place on February 27 in New York. The solution targets developers of fintech as well as crypto applications needing a rapid launch of custom tokens without complex technical assembly.
What Is PYUSDx
According to the press release, PYUSDx serves as a tokenization framework handling issuance from MoonPay Digital Assets Limited, allowing third parties to issue applied stablecoins featuring PYUSD backing. Paxos Trust Company, NA mints PYUSD itself, while PYUSDx functions as a separate token issuance layer.
MoonPay CEO Ivan Soto-Wright stated the platform reduces technical alongside operational costs of launching PYUSD-based stablecoins. M0 Head Luca Prosperi highlighted the market need for a trusted environment meant for rapid deployment of custom tokens providing liquidity plus cross-chain compatibility.
Platform Features
PYUSDx combines MoonPay infrastructure with the universal M0 stablecoin platform, offering the following:
- Issuance of branded stablecoins backed by PayPal USD;
- Launch within a few days;
- Cross-chain compatibility within the M0 ecosystem;
- On-chain reserve reporting;
- Flexible economic conditions.
USD.ai became the first project on PYUSDx, using the platform for a stablecoin focused on AI infrastructure.