PayPal Launches Stablecoin Issuance Platform PYUSDx
Summary
- PayPal said it has officially launched stablecoin issuance platform PYUSDx to support companies issuing customized stablecoins.
- Companies can use PYUSD as a reserve asset to issue their own stablecoins while setting the token's name, symbol, reward distribution model, control features and reserve composition.
- PayPal said it aims to use PYUSDx to expand PYUSD from a payments token into on-chain financial infrastructure that developers can use.
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Global payments company PayPal has launched a developer platform that enables companies to issue customized stablecoins.
CoinDesk reported on September 8 that PayPal officially launched its stablecoin issuance platform, PYUSDx. The platform allows companies to issue their own stablecoins using PayPal USD, or PYUSD, as the reserve asset.
PYUSDx allows companies to set a stablecoin's name, symbol, reward distribution model, control features and reserve composition. Companies can launch stablecoins tailored to their own services without building reserve issuance and redemption infrastructure.
PayPal first unveiled PYUSDx in February. Stablecoin infrastructure company M0 and crypto payments firm MoonPay participated in developing the platform. USDAI and Fairblock plan to launch stablecoins through it.
Tokens built on PYUSDx will be issued by MoonPay Digital Assets. Those tokens are separate assets from PayPal USD.
PayPal aims to use its existing infrastructure to expand PYUSD from a payments token into on-chain financial infrastructure for developers.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul