PayPal has teamed up with stablecoin infrastructure project M0 and crypto payments platform MoonPay to roll out PYUSDx, a platform aimed at helping businesses build stablecoin-based products in a matter of days. According to the report, the platform has already processed more than $100 million in transaction volume. Saturn, Concrete and Cap have launched products using the related technology, while USD.AI and Fairblock were also listed as associated projects. M0 co-founder and CEO Luca Prosperi said PYUSDx leaves the product layer to developers, allowing different companies to build distinct 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. As of Sept. 10, the total stablecoin market capitalization stood at about $305.25 billion, with USDT accounting for 60.07%, while PYUSD had a market cap of about $2.814 billion and ranked eighth.
PayPal, stablecoin infrastructure project M0, and crypto payments platform MoonPay have launched PYUSDx, a platform designed to let businesses create stablecoin-based products within days.
According to Bitcoin.com News, PYUSDx has already processed more than $100 million in transaction volume. Saturn, Concrete, and Cap have launched products using the related technology. USD.AI and Fairblock were also listed as associated projects.
Shared infrastructure for branded digital dollars
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.
Based on the disclosed structure, businesses can issue branded digital dollars backed by PYUSD, set their own rules, and convert them back into PYUSD when needed.
Stablecoin market figures were disclosed alongside the launch
May Zabaneh, PayPal’s senior vice president and general manager of its crypto business, said the stablecoin market is maturing quickly.
On Sept. 10, total stablecoin market capitalization was about $305.25 billion, with USDT making up 60.07% of the market. PYUSD’s market capitalization was about $2.814 billion, ranking eighth.
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