PayPal, MoonPay, and M0 Unveil PYUSDx for Stablecoin Issuance
- PayPal collaborates with MoonPay and M0 to launch PYUSDx, a platform enabling developers to issue branded tokens backed by PayPal USD.
- The platform allows app developers to create dollar-pegged tokens without the need for reserve and compliance infrastructure.
- PYUSDx integrates M0’s token issuance technology with MoonPay’s tools, facilitating rapid launches across multiple blockchains.
- USD.ai, focused on AI infrastructure, will be the first to build on this platform.
- Tokens issued through PYUSDx are distinct from PayPal USD and cannot be held in PayPal or Venmo wallets.
- As of now, PayPal USD ranks as the sixth-largest stablecoin with over $4.1 billion in circulation.
The collaboration between PayPal, MoonPay, and M0 introduces PYUSDx, a platform designed for streamlined issuance of branded stablecoins. This initiative supports developers by eliminating the need for complex reserve systems while expanding PayPal USD’s influence in the stablecoin market.
Source (3.2)https://cryptobriefing.com/app-specific-stablecoin-framework/?rand=59535
