PayPal, MoonPay and MO Launch PYUSDx Platform for App-Specific Stablecoins Backed by PayPal USD

PayPal, MoonPay and MO launched PYUSDx, a platform enabling developers to issue app-specific stablecoins backed by PayPal USD, according to a project announcement. The infrastructure allows application developers to create their own stable tokens tied to PayPal's dollar-pegged asset. PayPal's head of crypto said the next phase of stablecoin adoption is occurring at the application layer.