MoonPay and M0 have launched PYUSDx, an infrastructure platform allowing developers to issue app-specific stablecoins backed by PayPal USD (PYUSD).
The framework is aimed at lowering the technical and operational effort involved in issuing application-specific stablecoins, according to the companies.
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PYUSD, which is issued by Paxos Trust Company, provides the underlying backing for these new tokens.
PYUSDx itself is provided by MoonPay Digital Assets and functions as a tokenisation and issuance platform.
PayPal Crypto general manager and senior vice president May Zabaneh said: “The next phase of stablecoin adoption is happening at the application layer. Developers want to build differentiated experiences, but they shouldn’t have to rebuild trusted monetary infrastructure from scratch.
“We’re excited to see MoonPay and M0 use PYUSDx to help bring new, application-specific stablecoins to market, anchored in a regulated, trusted foundation.”
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By GlobalDataThis combination is meant to enable third parties to bring branded stablecoins to market more efficiently, using existing infrastructure from both MoonPay and M0.
Key features of PYUSDx include the ability for developers to release stablecoins across multiple blockchain networks, support for on-chain reserve reporting, and options for adjusting economic parameters.
The framework is also designed to provide interoperability within M0’s ecosystem.
USD.ai is the first developer to adopt PYUSDx, with plans to issue a stablecoin designed specifically for AI infrastructure applications.
The licensing and regulatory status of PYUSDx tokens may differ across jurisdictions and implementations, with compliance being the responsibility of each issuer.
MoonPay CEO and co-founder Ivan Soto-Wright commented: “Building and managing stablecoins at the application layer requires dependable infrastructure.
“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.”
Earlier this month, MoonPay introduced a service, called MoonPay Deposits, enabling users to fund applications with cryptocurrency held in their existing wallets.
