PayPal USD to Power App-Specific Stablecoins via PYUSDx
PayPal, MoonPay, and M0 launched PYUSDx to let developers issue stablecoins backed by PayPal USD for app-specific use.Summary
PayPal, in partnership with MoonPay and M0, announced PYUSDx, a new platform designed to enable developers to issue their own US dollar-pegged stablecoins backed by PayPal USD (PYUSD). This framework aims to simplify the creation of application-specific tokens by reducing the technical and operational burdens for developers, allowing them to focus on differentiated experiences rather than rebuilding monetary infrastructure. PYUSDx combines M0’s platform with MoonPay’s infrastructure and promises features like fast launch speed, cross-chain compatibility, and reserve transparency. USD.ai, a DeFi protocol, is the first developer utilizing PYUSDx to support a stablecoin for AI infrastructure. Importantly, PYUSDx tokens are distinct from PYUSD and cannot be used or stored within PayPal or Venmo accounts.
(Source：Cointelegraph)