MoonPay, M0 and PayPal Announce PYUSDx

We're thrilled to introduce PYUSDx*, a new offering that enables the creation of application-specific stablecoins backed by PayPal USD (PYUSD). PYUSDx is designed to help builders launch and scale application-specific stablecoins while significantly lowering the technical and operational overhead to get started.

The market is moving quickly toward application-specific stablecoins designed for specific ecosystems, protocols, and business models. The number of newly issued stablecoins with more than $10M in supply increased 89% in 2025 alone. As demand grows, more builders want to launch branded, application-specific stablecoins without spending months assembling the complex technical and operational infrastructure. 

“Building and managing stablecoins at the application layer requires dependable infrastructure,” said Ivan Soto-Wright, CEO and co-founder of MoonPay. “Through PYUSDx, the MoonPay Group is extending its issuance and distribution capabilities to make PYUSD more accessible to developers, reducing the technical and operational complexity of bringing application-specific stablecoins to market." 

PYUSDx addresses a critical gap in the market: enabling developers to launch application-specific stablecoins quickly while leveraging the core foundation of an established stablecoin, PayPal USD (PYUSD). PYUSD is issued by Paxos Trust Company, NA, a federally regulated national banking association, while PYUSDx is a distinct tokenization and issuance framework offered by MoonPay Digital Assets Limited that enables developers to create application-specific stablecoins backed by PYUSD.

“Developers of crypto applications have been early adopters of custom stablecoin-backed technology, but they still don’t have a trusted platform they can use to quickly bootstrap solutions,” said Luca Prosperi, CEO of M0. “PYUSDx will allow developers to iterate much more quickly within an interoperable solution and with built-in liquidity. We believe every fintech developer will eventually utilize a solution like PYUSDx.”