MoonPay and M0 have introduced PYUSDx, a platform aimed at simplifying the creation and management of application-specific stablecoins backed by Paypal’s PYUSD.
MoonPay and M0 have officially launched PYUSDx, a platform designed to simplify the creation and management of application-specific stablecoins.
PYUSDx leverages PYUSD, the stablecoin developed by PayPal and issued by Paxos Trust Company. The token recently surpassed $4 billion in market capitalization.
PYUSDx promises several key features, including branded stablecoins backed by PYUSD, fast time-to-market, cross-chain compatibility, and transparent reserve reporting. The platform combines M0’s universal stablecoin capabilities with MoonPay’s distribution infrastructure.
“The next phase of stablecoin adoption is happening at the application layer,” said May Zabaneh, SVP & GM of Crypto at PayPal. “Developers want to build differentiated experiences, but they shouldn’t have to rebuild trusted monetary infrastructure from scratch.”
Luca Prosperi, CEO of M0, emphasized the platform’s role in fostering innovation. “Developers of crypto applications have been early adopters of custom stablecoin-backed technology, but they still don’t have a trusted platform they can use to quickly bootstrap solutions,” Prosperi stated. “PYUSDx will allow developers to iterate much more quickly within an interoperable solution and with built-in liquidity.”
The first developer to utilize PYUSDx is USD.ai, which is building an application-specific stablecoin for AI infrastructure.
This article was generated with the assistance of AI workflows.
Source: https://thedefiant.io/news/defi/moonpay-and-m0-launch-pyusdx-stablecoin-development-framework
