MoonPay unveils PYUSDx framework for app-specific stablecoins tied to PayPal USD

MoonPay, in collaboration with M0, has introduced PYUSDx, a new framework designed to allow developers to rapidly issue application-specific stablecoins using PayPal USD (PYUSD) as the underlying reserve asset. This framework aims to simplify the process of launching branded stablecoins, which previously required extensive development for issuance, custody, and liquidity stacks. While PYUSD is issued by Paxos Trust Company, PYUSDx is operated by MoonPay Digital Assets Limited as a separate tokenization layer. Importantly, tokens created via PYUSDx are distinct from native PYUSD and will not be supported within PayPal or Venmo accounts. This move positions MoonPay as a crucial intermediary layer, supporting builders experimenting with AI-driven finance and embedded payments, while offering PayPal a way to expand the utility of its PYUSD token beyond its direct ecosystem.

(Source：The Block)