PayPal has launched PYUSDx, a platform that lets businesses issue custom stablecoins backed by PayPal USD using technology from M0, a fiat-pegged token infrastructure company, and MoonPay, a crypto payments firm.

The companies said tokens on PYUSDx are issued by MoonPay Digital Assets Ltd.

Firms going live on the platform include Saturn, Concrete, and Cap.

The move expands PayPal’s stablecoin push as payments companies increase their focus on blockchain-based transfers.

Competition in the sector is also broadening beyond stablecoin issuers Tether and Circle Internet.

🔗 Source: CoinDesk

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