PayPal, M0, and MoonPay have launched PYUSDx, a platform enabling companies to create their own stablecoin-based products in a matter of days. The platform has already processed more than $100 million in volume through early adopters Saturn, Concrete, and Cap.
According to M0 CEO and Co-founder Luca Prosperi, the platform allows builders to maintain control over the product layer while using the underlying technology. "We built PYUSDx so the product layer belongs to the builder," Prosperi said. "The three companies launching on it today are each making a different product, and that's the entire point."
The stablecoin market reached approximately $305.25 billion as of September 10, 2026. PayPal's PYUSD ranks as the eighth-largest stablecoin by market capitalization, valued at around $2.814 billion, while Tether's USDT dominates the market with a 60.07% share.
May Zabaneh, Senior Vice President and General Manager of Crypto at PayPal, characterized the market as entering a new phase. "The stablecoin market is maturing fast," Zabaneh said. "What separates the next phase from the last isn't the asset. It's what companies can do with it."
App-specific stablecoins offer companies the ability to offer branded digital dollars without constructing stablecoin infrastructure independently. Companies can set their own rules and maintain users within their applications, while the underlying token remains backed by PYUSD and convertible when needed. This approach reduces companies' obligations to manage reserves, liquidity, and blockchain infrastructure directly, though the actual currency backing the stablecoin continues to be held and managed by a third party.
