PYUSDx stablecoin platform crosses $100 million in scale
New York, NY, USA, September 9th, 2026, Chainwire
As stablecoin issuance and usage accelerate, the PYUSD ecosystem is expanding alongside it.
- PayPal becomes one of the first global consumer payments brands to transform its stablecoin into a developer platform: PYUSDx, built by M0 with reserve operations from MoonPay, makes PYUSD the backbone for a new generation of custom stablecoins.
- Saturn, Concrete, and Cap are live at launch, with approximately $100 million in processed volume on the platform.
- Stablecoin circulation crossed $300 billion for the first time last October and has held above it since, while global monthly transfer volume topped $7.2 trillion in early 2026, overtaking the US ACH network for the first time.
M0, MoonPay, and PayPal announced the public launch of PYUSDx, a platform that gives any business the infrastructure to launch its own custom stablecoin backed by PayPal USD (PYUSD), with Saturn, Concrete, and Cap live on the platform today.
“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.
Builders have historically had three options when it comes to stablecoins: use an existing asset, build their own from scratch, or partner with infrastructure providers like M0 and MoonPay to create a custom stablecoin without developing the underlying technology. PYUSDx extends that third path to PayPal’s ecosystem and PYUSD rails.
Saturn, Concrete, and Cap have launched stablecoins on the PYUSDx platform with over $100 million in processed volume, demonstrating how a single infrastructure can underpin fundamentally different financial products across credit, investments, and DeFi.
- Saturn is a structured finance protocol built on digital credit backed by Bitcoin. USDat, issued on PYUSDx, is Saturn’s stablecoin for everyday liquidity and settlement, with roughly $65 million currently in circulation. Its staked counterpart, sUSDat, gives holders exposure to STRC, Strategy’s perpetual preferred equity, which currently pays a variable distribution. PYUSDx allowed Saturn to skip months of work on compliance, reserves, and payment rails and focus on the product its users actually see.
- Concrete powers onchain vault infrastructure, using automated systems to allocate, rebalance, and compound returns across DeFi venues like Morpho. Concrete’s flagship stable vault holds more than $800 million in stablecoin strategies overall. PYUSDx let Concrete turn a portion of its liquidity buffers into ConcUSD, its own reward-bearing stablecoin, passing the economics back to depositors with better rates and reduced strategy risk.
- Cap runs a covered credit platform where depositors supply capital, institutional borrowers deploy it to generate returns, and underwriters backstop the risk. A portion of its native stablecoin, cUSD, was migrated to PYUSDx as a configurable extension of PYUSD. For Cap, the most significant change was in how the assets were backed: replacing volatile DeFi liquidity with PYUSD brought greater predictability to the capital that underpins the platform, while the association with PayPal’s ecosystem added institutional credibility that resonates with Cap’s backers and borrowers. cUSD has approximately $92 million in circulating supply overall.
“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 are launching stablecoins on PYUSDx, including USD.AI and Fairblock,. Builders interested in PYUSDx can learn more at m0.org/PYUSDx.
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). Reserves for PayPal USD are fully backed by U.S. dollar deposits, U.S. Treasuries and similar cash equivalents, and 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. Creating innovative experiences that make moving money, selling, and shopping simple, personalized, and secure, PayPal empowers consumers and businesses in approximately 200 markets to join and thrive in the global economy. For more information, visit https://www.paypal.com.
About M0
M0 gives businesses onchain solutions to build their own tokenized finance products. The technology is proven at scale, powering live tokenized finance and stablecoin products for partners around the world, secured and transparent with independent audits from the industry’s leading firms. Teams get up and running with less lift by tapping into an existing onchain network, with multi-chain compatibility and liquidity handled seamlessly. M0 is building the digital monetary network for a world where open financial systems win and proliferate, maturing and improving how global finance operates. Learn more at https://www.m0.org.
About MoonPay
Founded in 2019, MoonPay is a global financial technology company that helps businesses and consumers move value across fiat and digital assets. MoonPay has more than 30 million customers across 180 countries and supports more than 500 enterprise customers spanning crypto and fintech. MoonPay powers ramps, trading, commerce, and stablecoin infrastructure, connecting traditional payment rails with blockchains. MoonPay maintains a broad regulatory footprint, including a New York BitLicense, a New York Limited Purpose Trust Charter, and money transmitter licenses across the United States, as well as MiCA authorization in the EU. MoonPay Digital Assets Limited provides stablecoin and digital token issuance and distribution capabilities for Web3 builders, including PYUSDx. Learn more at https://www.moonpay.com.