PayPal taps MoonPay and M0 to launch PYUSDx stablecoin issuance framework

PayPal, in partnership with MoonPay and M0, is launching PYUSDx next month, a new platform enabling developers to issue their own branded stablecoins pegged to PayPal USD (PYUSD). This framework eliminates the need for developers to build their own reserve and compliance infrastructure, significantly speeding up deployment from months to days by merging M0's issuance technology with MoonPay's operational tools. May Zabaneh, PayPal's head of crypto, stated that the next phase of stablecoin adoption will occur at the application layer. The first participant will be USD.ai, which will create a stablecoin for its ecosystem. Importantly, tokens issued via PYUSDx are distinct from PayPal USD and cannot be held or transferred within PayPal or Venmo wallets, while PYUSD itself is the sixth-largest stablecoin with over $4.1 billion in circulation.

(Source：Crypto Briefing)