PayPal, M0 and MoonPay publicly launched PYUSDx on September 9, 2026, opening a platform through which businesses can create application-specific stablecoins backed by PayPal USD (PYUSD). The launch expands the role of PYUSD from a single PayPal-branded token into backing infrastructure for other branded stablecoins. M0 Research said the platform had already crossed $100 million in scale.