PayPal & MoonPay Launch 'No-Code' Stablecoin Minting

This new service, called PYUSDx, is a collaboration between PayPal, MoonPay, and the fintech platform M0. It provides a framework for developers to issue their own branded stablecoins backed by PayPal's PYUSD, significantly reducing the technical and operational overhead. The platform is designed to slash the launch time for new stablecoins from months to just a few days. Under the hood, PYUSDx combines M0's smart contract infrastructure with MoonPay's issuance and distribution network. While PayPal's PYUSD, issued by the federally regulated Paxos Trust Company, serves as the reserve asset, the new custom stablecoins (PYUSDx tokens) are issued by MoonPay Digital Assets Limited. These application-specific tokens are distinct from PYUSD and cannot be stored or sent through PayPal or Venmo accounts. The initiative taps into the growing trend of application-specific stablecoins tailored for particular ecosystems. The first announced adopter is the DeFi protocol USD.ai, which will issue a specialized stablecoin for transactions within AI infrastructure. This move aligns with the broader institutional shift towards using stablecoins as a core settlement layer, with annual on-chain stablecoin transaction volumes already exceeding $25 trillion globally. This partnership solidifies PayPal's strategy to expand the utility of its PYUSD stablecoin, which has seen its market cap grow to $1 billion in 2025. PayPal has been actively integrating PYUSD across multiple blockchains like Ethereum, Solana, and Stellar to enhance its use in cross-border payments and e-commerce. The collaboration leverages MoonPay's extensive on-ramp and off-ramp infrastructure, which serves over 30 million users in 180 countries.