PYUSDx Platform Passes $100 Million

PayPal, M0 and MoonPay have launched PYUSDx, a platform that allows companies to issue custom stablecoins backed by PayPal USD ($PYUSD). The platform has already processed more than $100 million in volume since its launch.

Saturn, Concrete, and Cap are the first projects using PYUSDx. They apply the same infrastructure to different products in credit, investments, and DeFi.

• Saturn is a structured finance protocol focused on Bitcoin-backed digital credit. Its USDat stablecoin, issued through PYUSDx, is used for liquidity and settlements. Around $65 million of USDat is currently in circulation.
• Concrete provides infrastructure for on-chain vaults and uses automated systems to manage DeFi strategies. Through PYUSDx, the company launched ConcUSD, a reward-bearing stablecoin that allows users to receive part of the returns generated by its strategies.
• Cap operates a credit platform where depositors provide capital and institutional borrowers use it to generate returns. Part of Cap’s cUSD stablecoin was migrated to PYUSDx. The total circulating supply of cUSD is around $92 million.

M0 provides stablecoin issuance technology, while MoonPay handles token issuance and distribution. PYUSDx combines both systems with PayPal’s $PYUSD infrastructure.

Image: Magnific