PayPal has launched PYUSDx with stablecoin infrastructure project M0 and crypto payments platform MoonPay, introducing a platform aimed at helping businesses build stablecoin-based products within days. According to the announcement cited by ChainCatcher, the platform has already processed more than $100 million in transaction volume. Saturn, Concrete and Cap have used the related technology to launch products, while USD.AI and Fairblock were also named as related projects. M0 co-founder and CEO Luca Prosperi said PYUSDx leaves the product layer to developers, allowing different companies to build different offerings on the same underlying technology. PayPal Senior Vice President and General Manager of Blockchain, Crypto and Digital Currencies May Zabaneh said the stablecoin market is maturing quickly. The report also cited market data showing the total stablecoin market capitalization at about $305.25 billion, with USDT accounting for 60.07%. PYUSD’s market capitalization was listed at about $2.814 billion, ranking eighth.
PayPal has launched PYUSDx with stablecoin infrastructure project M0 and crypto payments platform MoonPay, according to ChainCatcher. The platform is designed to let businesses create stablecoin-based products within days.
The platform has processed more than $100 million in transaction volume. Saturn, Concrete and Cap have already launched products using the related technology, and USD.AI and Fairblock were also listed as related projects.
Developer-built product layer
M0 co-founder and CEO Luca Prosperi said PYUSDx leaves the product layer to developers, so different companies can build different products on top of the same technology stack.
Businesses can issue branded digital dollars backed by PYUSD and set their own rules, with the option to convert them back into PYUSD when needed.
PayPal points to a maturing stablecoin market
May Zabaneh, PayPal’s senior vice president and general manager of its crypto business, said the stablecoin market is maturing quickly.
The report said total stablecoin market capitalization stands at about $305.25 billion, with USDT holding a 60.07% share. PYUSD’s market capitalization was listed at about $2.814 billion, ranking eighth.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
