According to an announcement from M0 Wednesday (Sept. 9), PYUSDx launched with three live projects — Saturn, Concrete and Cap — with more than $100 million in processed volume on the platform.
“Each has different users, different business models, and different requirements for how their tokenized dollar should behave,” the announcement said. “That they can each build a distinct product without rebuilding the underlying layer is what PYUSDx was designed to make possible. It is the first platform of its kind that M0 has built with a partner. It will not be the last.”
M0 said it built the developer platform that powers PYUSDx, while MoonPay holds the PYUSD reserves backing PYUSDx “and provides collateral transparency to builders and their users.”
The release added that PayPal is the first global consumer payments brand to make its stablecoin extensible, giving PYUSD new functionality and “letting builders leverage it directly,” with official PayPal integrations coming online as circulation increases.
“The stablecoin market is maturing fast. What separates the next phase from the last isn’t the asset,” said May Zabaneh, senior vice president and general manager of crypto at PayPal. “It’s what companies can do with it. PYUSDx is designed to answer that.”
Recent research by PYMNTS Intelligence has examined what companies are doing with stablecoins, finding that these assets have begun to “change how liquidity is managed, not simply how payments move,” as covered here last month.
Findings in the July 2026 edition of the Payments Innovation Tracker® Series, a PYMNTS Intelligence report done in partnership with Paymentology, show how that is allowing stablecoins to help businesses optimize deployable cash.
“As digital currencies become easier to move through wallets, cards and established payment networks, they are also becoming easier for businesses to hold, allocate and redeploy,” PYMNTS wrote.
“The deeper opportunity is therefore not simply faster settlement. It is the conversion of corporate liquidity from a static balance-sheet asset into programmable working capital. This does not mean companies will hand control of their balance sheets to software. It means more treasury policies could become executable rules rather than periodic instructions.”
