PayPal, M0, and MoonPay publicly launched PYUSDx on September 9, 2026, positioning PayPal USD as the reserve backbone for custom stablecoins. The platform has crossed approximately $100 million in processed volume, with Saturn, Concrete, and Cap live at launch.
Stablecoin circulation passed $300 billion last October and has remained above that level, while early 2026 global monthly transfer volume topped $7.2 trillion, overtaking the U.S. ACH network for the first time. May Zabaneh, PayPal's SVP and General Manager of Crypto, said the stablecoin market is maturing and that “what separates the next phase... is what companies can do with it.”
PYUSDx combines M0’s stablecoin and digital token technology with MoonPay’s issuance and distribution infrastructure. PYUSDx tokens are issued by MoonPay Digital Assets Limited. The platform aims to reduce compliance, reserve, and payment rail work for builders. Saturn has issued USDat with about $65 million in circulation, while its staked counterpart sUSDat offers exposure to STRC, Strategy’s perpetual preferred equity. Concrete turned part of its vault liquidity into ConcUSD, building on its flagship stable vault holding more than $800 million in stablecoin strategies. Cap migrated a portion of its cUSD to PYUSDx; cUSD has roughly $92 million in total circulating supply.
M0 CEO Luca Prosperi noted that PYUSDx leaves the product layer to builders, while MoonPay’s Head of Stablecoins, Zach Kwartler, said crossing $100 million is significant because the scale comes from credit, onchain vault, and Bitcoin-backed products using the same infrastructure in different ways. Additional companies, including USD.AI and Fairblock, are preparing to launch stablecoins on PYUSDx.
PayPal USD is issued by Paxos Trust Company and backed by U.S. dollar deposits, U.S. Treasuries, and similar cash equivalents. PayPal Digital is chartered as a limited purpose trust company by the New York State Department of Financial Services.
