PYUSDx Achieves $100 Million in Transaction Volume, Launches with PayPal, M0, and MoonPay

PYUSDx has been launched as a platform that supports businesses and developers in launching their own branded application-specific stablecoins within days, in collaboration with PayPal, M0, and MoonPay. On the 9th, M0 announced that PYUSDx would support the launch of on-chain financial products for businesses based on PayPal USD (PYUSD). The platform's cumulative transaction volume has surpassed $100 million. PYUSDx is designed to allow developers to launch their own tokens within 'days' without having to build stablecoin infrastructure. M0 provides the token infrastructure, while MoonPay handles issuance and distribution functions. Tokens based on PYUSDx are not the same asset as PYUSD, which is a dollar-pegged stablecoin issued by Paxos. PYUSDx-based tokens cannot be stored, sent, or received in PayPal or Venmo accounts, and the issuing companies can set their own usage rules and branding. The platform includes participants such as Saturn, Concrete, and Cap, with USD.AI and Fairblock also preparing to join. The increase in transaction volume for PYUSDx alone cannot determine the reserve size or stability of individual tokens.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.