Payment giant PayPal is broadening access to its stablecoin, PayPal USD (PYUSD), through a new platform designed to allow developers to create their own U.S. dollar-pegged tokens.
PayPal, alongside MoonPay and stablecoin platform M0, announced PYUSDx. This product aims to simplify the launch of stablecoins for use within specific applications, platforms, or ecosystems. The rollout is scheduled for next month.
"The next phase of stablecoin adoption is happening at the application layer," stated May Zabaneh, PayPal's head of crypto. "Developers want to build differentiated experiences, but they shouldn’t have to rebuild trusted monetary infrastructure from scratch."
PYUSDx combines M0’s universal stablecoin and digital token platform with MoonPay Group’s infrastructure. It promises fast launch speeds, cross-chain compatibility, flexible economics, reserve transparency, and the creation of branded stablecoins.
USD.ai, a decentralized finance protocol, is the first developer to build on PYUSDx, utilizing the platform for an application-specific stablecoin targeting AI infrastructure. It's important to note that PYUSDx tokens are distinct from PayPal USD and cannot be used or stored within PayPal or Venmo accounts.