New updates have been reported about MoonPay.
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MoonPay has introduced PYUSDx, a tokenization and issuance framework that lets developers launch their own application-specific stablecoins backed by PayPal USD (PYUSD) in a matter of days, positioning the company deeper into the infrastructure layer of the stablecoin market. By extending its issuance and distribution capabilities through MoonPay Digital Assets Limited, the firm aims to reduce the technical and operational burden for builders who want branded, PYUSD-backed stablecoins tailored to specific ecosystems and business models.
PYUSDx combines MoonPay’s infrastructure with M0’s universal stablecoin and digital token platform, offering cross-chain compatibility, reserve transparency, and what MoonPay describes as more flexible economics than competing solutions. The move targets a rapidly expanding segment: the number of stablecoins with more than $10 million in supply grew 89% in 2025, and MoonPay is betting that future growth will be driven by application-layer, ecosystem-specific tokens rather than generalized instruments.
MoonPay CEO and co-founder Ivan Soto-Wright said the goal is to make PYUSD more accessible to developers while avoiding the need to rebuild core monetary infrastructure from scratch, effectively turning MoonPay into a key enabling platform for stablecoin issuance at scale. PYUSDx-backed tokens are distinct from PayPal USD itself, with separate regulatory treatment and no direct support inside PayPal or Venmo, meaning MoonPay must manage compliance and issuer responsibilities jurisdiction by jurisdiction.
The first adopter, USD.ai, is building an application-specific stablecoin for AI infrastructure on top of PYUSDx, providing an early proof of concept for sector-focused deployments. This initial traction suggests MoonPay could become a preferred partner for fintechs and Web3 applications seeking trusted dollar-denominated rails embedded directly into their products, potentially driving new enterprise relationships and transaction volumes across MoonPay’s broader crypto and stablecoin stack.
For MoonPay, PYUSDx represents a strategic expansion from crypto payment rails into full-stack digital dollar infrastructure, reinforcing its positioning with over 500 enterprise customers and more than 30 million users across 180 countries. If adoption scales, PYUSDx could create recurring revenue streams from issuance, distribution, and ancillary services, while strengthening MoonPay’s role as a core infrastructure provider at the intersection of regulated stablecoins, financial applications, and next-generation digital commerce.