PayPal, MoonPay, and M0 jointly launched PYUSDx, enabling applications to create their own stablecoins.

PANews reported on February 27th that, according to Cointelegraph, payment giant PayPal, in partnership with MoonPay and stablecoin platform M0, has launched PYUSDx. This product aims to help developers create stablecoins pegged to the US dollar and backed by PayPal USD (PYUSD) for use within specific applications, platforms, or ecosystems. The product is scheduled to officially launch next month.

PYUSDx is a tokenization and issuance framework provided by MoonPay Digital Assets, independent of the native PYUSD. Developers can leverage this framework to quickly launch branded, cross-chain-enabled stablecoins with reserve transparency, without having to build monetary infrastructure from scratch. Currently, the DeFi protocol USD.ai has become the first developer to build a dedicated stablecoin for AI infrastructure on this platform. It's important to note that the PYUSDx token is independent of PayPal USD and cannot be directly used, sent, or stored in PayPal or Venmo accounts.