Crypto: Paypal, Moonpay And M0 Launch Pyusdx To Let Devs Issue App-specific...

PYUSDx lets developers issue app-specific stablecoins backed by PayPal USD with fast launch, cross-chain support and branded token options.

Payment giant PayPal is expanding access to its stablecoin through a new platform it says will allow devleopers to create their own US dollar-pegged tokens backed by PayPal USD.

PayPal, MoonPay and stablecoin platform M0 on Friday announced PYUSDx, a product aimed at helping developers launch PayPal USD (PYUSD)-backed stablecoins for use within applications, or tokens designed for use inside a particular app, platform or ecosystem, according to a joint announcement shared with Cointelegraph.

The companies said the rollout is planned for next month.

“The next phase of stablecoin adoption is happening at the application layer. Developers want to build differentiated experiences, but they shouldn’t have to rebuild trusted monetary infrastructure from scratch,” said May Zabaneh, PayPal’s head of crypto.

The launch comes as competition intensifies in the stablecoin market, with companies including Meta reportedly planning stablecoin-based payments across its suite of apps including Facebook, Instagram and WhatsApp.

Launched in August 2023, PayPal USD is a US dollar-pegged stablecoin issued by Paxos Trust Company, a federally regulated national banking association.

PYUSDx is separate from PYUSD and is described as a tokenization and issuance framework offered by MoonPay Digital Assets, the announcement said.

The companies said PYUSDx combines M0’s universal stablecoin and digital token platform with MoonPay Group’s infrastructure to simplify the launch of US dollar-backed stablecoins by reducing technical and operational burdens.

It also features fast launch speed, cross-chain compatibility, flexible economics, reserve transparency and the ability to create branded stablecoins.

Source: CoinTelegraph