Key Developments
PayPal USD Powers New PYUSDx App.
PayPal, MoonPay and M0 released PYUSDx, a platform allowing developers to create application-specific stablecoins backed by PayPal USD.
Context
PYUSDx lets developers issue app-specific stablecoins backed by PayPal USD with fast launch, cross-chain support and branded token options.
Payment giant PayPal is expanding access to its stablecoin through a new platform it says will allow devleopers to create their own US dollar-pegged tokens backed by PayPal USD.
PayPal, MoonPay and stablecoin platform M0 on Friday announced PYUSDx, a product aimed at helping developers launch PayPal USD (PYUSD)-backed stablecoins for use within applications, or tokens designed for use inside a particular app, platform or ecosystem, according to a joint announcement shared with Cointelegraph.
Market Implications
“The next phase of stablecoin adoption is happening at the application layer. Developers want to build differentiated experiences, but they shouldn’t have to rebuild trusted monetary infrastructure from scratch,” said May Zabaneh, PayPal’s head of crypto.
Traders are likely to focus on follow-through volume, funding behavior, and whether newly tested levels hold through the next high-volatility session.
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