MoonPay opens PYUSDx launchpad for PYUSD-backed stablecoins

MoonPay launched the PYUSDx launchpad on Aug. 13, 2026, offering developers a self-serve way to issue application-specific stablecoins backed one-to-one by PayPal USD (PYUSD). The platform allows token creators to set contract parameters and deploy without an enterprise sales process.

A user who wants to mint a PYUSDx token deposits PYUSD on-chain. MoonPay Enterprise detects the deposit, moves the funds to a PYUSDx reserve account, mints equivalent PYUSDx tokens and delivers them to the specified wallet. Redemption reverses the sequence: tokens are burned and PYUSD is released to the redeemer. The minting and redemption flow runs crypto-to-crypto against PYUSD rather than against fiat banking deposits. Each PYUSDx token converts one-to-one on-chain with PYUSD and with other PYUSDx tokens.

Issuers receive contract-level control over branding, fee logic, distributions and rewards allocation. The platform includes programmable rewards that are generated from the reserves backing each PYUSDx token and stream on-chain to the issuer’s stablecoin. Issuers choose who receives the rewards, how they are split and the payment cadence.

MoonPay’s developer documentation includes a direct disclaimer about the product’s status. The documentation reads: “PYUSDx tokens are not PayPal USD, not a PayPal product, not affiliated with PayPal or Paxos,” and adds that “PYUSDx is not a regulated stablecoin” and that regulatory classification will vary by jurisdiction. PYUSDx tokens are issued by MoonPay Digital Assets Limited.

MoonPay built the launchpad with infrastructure partner M0 and in partnership with PayPal. M0, founded by architects of USDC and DAI, runs an infrastructure layer that supports more than a dozen stablecoins across multiple blockchains. MoonPay handles operational relationships across its user base and PayPal distributes PYUSD to PayPal and Venmo accounts.

PYUSD is issued by Paxos Trust Company, a federally regulated trust. MoonPay describes PYUSDx as a wrapper layer that mints and redeems against the regulated PYUSD reserve rather than functioning as a regulated payment stablecoin itself.

Federal legislation that governs payment stablecoins, such as the GENIUS Act, bars permitted payment stablecoin issuers from paying yield directly to holders. The legislation allows room for affiliates or partners to offer rewards tied to stablecoin holdings. The structure of PYUSDx-where rewards stream from reserves and issuers control distribution-falls into that policy area. MoonPay’s materials place responsibility for licensing and regulatory treatment on each issuer.

The launchpad removes the enterprise sales step that has governed many white-label stablecoin programs. Developers can deploy a dollar-linked token by minting against an on-chain PYUSD balance and setting contract parameters, a process MoonPay describes as quick to complete. Shared on-chain convertibility between PYUSDx tokens and PYUSD is intended to reduce the liquidity fragmentation that has affected earlier white-label stablecoins.

Holders and issuers rely on operational links beneath the product. Continued availability of PYUSD depends on Paxos maintaining its issuance and on MoonPay Digital Assets maintaining the reserve relationship that supports PYUSDx minting and redemption.

MoonPay published developer-facing documentation and a dispute-focused disclaimer alongside the launch. The rollout occurs while implementation of recent stablecoin legislation and related rulemaking remains incomplete and as policymakers continue to debate the regulatory treatment of yield tied to dollar-backed tokens ahead of a Senate vote scheduled for September.