NEW YORK, September 9, 2026 — PayPal, M0 and MoonPay have announced the public launch of PYUSDx, a platform that enables businesses to issue custom stablecoins backed by PayPal USD (PYUSD). The platform has processed approximately $100 million in volume, with Saturn, Concrete and Cap live at launch.

Built by M0 with reserve operations and issuance infrastructure from MoonPay, PYUSDx positions PYUSD as the foundation for a range of custom stablecoins. PayPal is among the first global consumer payments brands to turn its stablecoin into a developer platform.

The launch comes as stablecoin issuance and usage continue to expand. Stablecoin circulation surpassed $300 billion for the first time last October and has remained above that level, while global monthly transfer volume exceeded $7.2 trillion in early 2026, overtaking the U.S. ACH network for the first time.

“ The stablecoin market is maturing fast. What separates the next phase from the last isn’t the asset. It’s what companies can do with it. PYUSDx is designed to answer that,” said May Zabaneh, senior vice president and general manager of Crypto at PayPal.

Historically, developers have had three main options for stablecoins: use an existing asset, build a stablecoin from the ground up, or work with infrastructure providers such as M0 and MoonPay to create a custom stablecoin without developing the underlying technology. PYUSDx extends the third option to PayPal’s ecosystem and PYUSD rails.

Saturn, Concrete and Cap have each launched stablecoins through PYUSDx. Their products span credit, investments and decentralized finance, illustrating how one infrastructure platform can support different financial applications.

Saturn is a structured finance protocol based on digital credit backed by Bitcoin. Its PYUSDx-issued stablecoin, USDat, is designed for everyday liquidity and settlement and has roughly $65 million in circulation. Its staked counterpart, sUSDat, provides holders with exposure to STRC, Strategy’s perpetual preferred equity, which currently pays a variable distribution. According to the announcement, PYUSDx enabled Saturn to avoid months of work on compliance, reserves and payment rails and instead focus on its customer-facing product.

Concrete provides onchain vault infrastructure, using automated systems to allocate, rebalance and compound returns across decentralized finance venues such as Morpho. Its flagship stable vault holds more than $800 million in stablecoin strategies overall. Through PYUSDx, Concrete converted a portion of its liquidity buffers into ConcUSD, a reward-bearing stablecoin intended to pass the economics back to depositors through better rates and reduced strategy risk.

Cap operates a covered credit platform in which depositors provide capital, institutional borrowers deploy that capital to generate returns, and underwriters backstop the risk. A portion of Cap’s native stablecoin, cUSD, was migrated to PYUSDx as a configurable extension of PYUSD.

Cap said the move changed how its assets were backed. Replacing volatile decentralized finance liquidity with PYUSD brought greater predictability to the capital supporting the platform, while the connection to PayPal’s ecosystem added institutional credibility among Cap’s backers and borrowers. cUSD has approximately $92 million in total circulating supply.

“Every stablecoin platform makes choices about which layers to bundle together and which to leave open,” said Luca Prosperi, CEO and co-founder of M0. “We built PYUSDx so the product layer belongs to the builder. The three companies launching on it today are each making a different product, and that’s the entire point.”

PYUSDx tokens are issued by MoonPay Digital Assets Limited. The platform combines M0’s universal stablecoin and digital token technology with MoonPay’s issuance and distribution infrastructure.

“The significance of PYUSDx crossing $100 million is that the scale comes from builders using the same infrastructure in entirely different ways,” said Zach Kwartler, head of stablecoins at MoonPay. “A credit platform, an onchain vault, and a Bitcoin-backed product shouldn’t each have to build their own stablecoin infrastructure from scratch. The PYUSDx platform gives builders an easily accessible, end-to-end issuance stack, so they can focus on what makes their stablecoin unique.”

Additional companies launching stablecoins on PYUSDx include USD.AI and Fairblock. Builders can learn more at

About PayPal USD (PYUSD)

PayPal USD is issued by Paxos Trust Company, N.A., a federally regulated national trust bank overseen by the Office of the Comptroller of the Currency (OCC). Its reserves are fully backed by U.S. dollar deposits, U.S. Treasuries and similar cash equivalents. PayPal USD can be bought or sold through PayPal and Venmo at a rate of $1.00 per PayPal USD.

PayPal Digital, Inc. (NMLS ID #: 2610315) is chartered as a limited-purpose trust company by the New York State Department of Financial Services to engage in virtual currency business.

About PayPal

PayPal has been revolutionizing commerce globally for more than 25 years. The company develops experiences intended to make moving money, selling and shopping simple, personalized and secure. PayPal serves consumers and businesses in approximately 200 markets. More information is available at

About M0

M0 provides businesses with onchain solutions for building tokenized finance products. Its technology supports live tokenized finance and stablecoin products for partners around the world, with security and transparency supported by independent audits from leading industry firms. Teams can use an existing onchain network, with multichain compatibility and liquidity handled through the platform.

M0 describes its mission as building a digital monetary network for a world in which open financial systems expand and mature. More information is available at

About MoonPay

Founded in 2019, MoonPay is a global financial technology company that helps businesses and consumers move value across fiat and digital assets. It has more than 30 million customers across 180 countries and supports more than 500 enterprise customers in crypto and fintech.

MoonPay provides ramps, trading, commerce and stablecoin infrastructure that connects traditional payment rails with blockchains. Its regulatory footprint includes a New York BitLicense, a New York Limited Purpose Trust Charter, money transmitter licenses across the United States and MiCA authorization in the European Union. MoonPay Digital Assets Limited provides stablecoin and digital token issuance and distribution services for Web3 builders, including PYUSDx. More information is available at

Source: Chainwire, https://chainwire.org/2026/09/09/pyusdx-stablecoin-platform-crosses-100-million-in-scale/