PayPal offers platform to mint custom stablecoins backed by PYUSD
PayPal launched PYUSDx, a platform that lets businesses and developers create custom branded stablecoins each backed 1:1 by PayPal's PYUSD token. The system makes PYUSD a reserve asset for application-specific tokens and was built with M0 and MoonPay, offering multi-chain compatibility and customizable issuer economics. PayPal announced the concept in February 2026 and went live on September 9, 2026, after onboarding partners and stress tests; three launch partners have processed over $100 million, with Saturn's USDat at about $65 million circulating. The platform eases issuance and compliance but raises concentration and de-peg risk.
PayPal's PYUSDx lets firms mint stablecoins backed 1:1 by PYUSD
Context
PayPal issued PYUSD in August 2023. The company announced PYUSDx in February 2026 and launched it on September 9, 2026. The platform could expand PYUSD demand and concentrate reserve risk across tokens.
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