stable coins
By Julie Binoche
1 / 15
What Saturn, Concrete, and Cap Are Actually Building. The three early adopters aren't doing the same thing at all, which is probably the more…
2 / 15
USD.AI and Fairblock Are Next in Line. Two more companies are planning to launch on PYUSDx: USD.AI and Fairblock.
3 / 15
PayPal's stablecoin platform just crossed a big number. PYUSDx — built with M0 and MoonPay — has processed over $100 million in stablecoin volume, and the three businesses that…
4 / 15
Saturn, Concrete, and Cap are the early adopters. Each one launched a custom stablecoin through PYUSDx, and together they pushed the platform past that $100 million mark.
5 / 15
The core idea is simple enough. Businesses can launch their own stablecoins backed by PayPal USD (PYUSD) without building the underlying technology from scratch.
6 / 15
Saturn's stablecoin is called USDat. It's designed to support digital credit backed by Bitcoin — so there's a DeFi angle baked right in.
7 / 15
Three different products. Three different market needs. That range is probably what PayPal and its partners want people to notice.
8 / 15
PYUSD itself, for context, is issued by Paxos Trust Company. Its reserves are fully backed by U.S. dollar deposits and U.S. Treasuries.
9 / 15
See also: Zoomex Surges to 3 Million Users Amid Job Surprises and Oil Price Turmoil
10 / 15
Two more companies are planning to launch on PYUSDx: USD.AI and Fairblock. No timeline was given for either, and it's not clear yet what their stablecoins will look like.
11 / 15
And that queue probably gets longer as the stablecoin market keeps maturing. Businesses that once had to build everything themselves — smart contracts, reserve management,…
12 / 15
MoonPay's role here is worth sitting with for a second. The company's issuance infrastructure gives new entrants a distribution layer they'd otherwise have to build or negotiate…
13 / 15
The stablecoin market broadly has been moving in this direction for a while — away from generic dollar-pegged tokens and toward more tailored instruments built for specific use…
14 / 15
PayPal's brand carries weight here too. It's not a crypto-native startup. It's a company with hundreds of millions of users and a long track record in payments.
15 / 15
That said, $100 million in processed volume is still pretty small in the context of the broader stablecoin market, which runs into the hundreds of billions. PYUSDx is early.
The Currency Analytics
Want the full story?