PayPal, M0 and MoonPay have launched PYUSDx, a platform that enables firms to concern customized stablecoins backed by PayPal USD ($PYUSD). The platform has already processed greater than $100 million in quantity since its launch.
Saturn, Concrete, and Cap are the primary tasks utilizing PYUSDx. They apply the identical infrastructure to totally different merchandise in credit score, investments, and DeFi.
- Saturn is a structured finance protocol targeted on Bitcoin-backed digital credit score. Its USDat stablecoin, issued via PYUSDx, is used for liquidity and settlements. Round $65 million of USDat is at the moment in circulation.
- Concrete offers infrastructure for on-chain vaults and makes use of automated techniques to handle DeFi methods. By PYUSDx, the corporate launched ConcUSD, a reward-bearing stablecoin that enables customers to obtain a part of the returns generated by its methods.
- Cap operates a credit score platform the place depositors present capital and institutional debtors use it to generate returns. A part of Cap’s cUSD stablecoin was migrated to PYUSDx. The overall circulating provide of cUSD is round $92 million.
M0 offers stablecoin issuance expertise, whereas MoonPay handles token issuance and distribution. PYUSDx combines each techniques with PayPal’s $PYUSD infrastructure.
Picture: Magnific
