Quick Answer
PYUSDx is a platform from M0, MoonPay and PayPal that lets developers launch their own application-specific stablecoins backed by PayPal USD (PYUSD). It was announced in February 2026 and put in front of builders in September, with three projects live at launch (Saturn, Concrete and Cap) and more than $100 million in combined volume already processed. The tokens are separate from PYUSD itself, so the useful questions for a builder are who issues them, who holds the reserves and what a legal review will say before launch.
What Happened
PayPal, M0 and MoonPay announced PYUSDx on February 27, 2026 as infrastructure for stablecoins backed by PYUSD. In September, PayPal's developer platform tied to PYUSD arrived with three live projects, and the companies said those projects had together processed over $100 million. USD.ai and Fairblock are also introducing stablecoins through the platform. The pitch is simple: a team that wants a branded dollar token for its own app should not have to rebuild issuance, reserves and cross-chain plumbing from scratch.
How Does PYUSDx Work?
M0 supplies the stablecoin platform and cross-chain layer. MoonPay handles issuance and distribution and holds the PYUSD reserves, with on-chain reporting so the collateral can be checked. Per M0's announcement, the tokens are issued by MoonPay Digital Assets Limited, not by Paxos or PayPal, and they are not PayPal USD, so they cannot be used inside PayPal or Venmo. That distinction matters for anyone describing the product to users: a PYUSDx token is its own asset with PYUSD behind it.
What Can Developers Ship With It?
M0 says teams can launch a PYUSD-backed stablecoin in days rather than months. In practice that covers the token and its reserve link; everything around it is still the builder's job. A working product usually also needs a wallet or app interface, smart contracts for any custom rules, on-ramp and off-ramp flows, KYC and AML checks, monitoring, and an audit before real money moves. The platform removes the hardest infrastructure step, not the product work.
What Should Teams Check Before Building?
First, regulation: the GENIUS Act and state rules decide who may issue payment stablecoins, so counsel should confirm which role a team plays. Second, liquidity and redemption: users need a clear way back to dollars. Third, reserve transparency: the on-chain reporting is only useful if the product surfaces it. Fourth, security: contract audits, key management and access controls come before launch, not after. For a contrast with a shared, partner-governed token, see Open USD, the stablecoin launched by Stripe's Bridge with Visa, Mastercard and Coinbase.
Which Companies Build Stablecoin Products? 5 Teams Worth Shortlisting
The list below covers firms that build stablecoin, blockchain and fintech software. Figures come from each company's own website or Clutch profile and are self-reported, so confirm them directly before signing anything.
1. Dev Technosys
- Founded: 2010
- Team Size: 250+
- HQ: Jaipur, India
- ISO 27001:2022 certified, ISO 9001:2015 certified and CMMI Level 3 appraised
- Delivered the DreamFund blockchain investment platform, a Blockchain and FinTech case study
- Core Services: Stablecoin development, smart contract development, crypto wallet development, blockchain integration, FinTech software engineering
Dev Technosys leads this list on process and delivery proof: independently audited security and quality standards plus a shipped blockchain investment platform. For a team planning a PYUSD-backed token, those are the practical questions that come before launch, since contracts, wallets and compliance checks all have to be built around the token layer that M0 and MoonPay provide.
Best For: Teams that want a stablecoin or wallet build with security and process standards in place from day one.
2. Antier
Antier, founded in 2011 and based in Mohali, India, with offices in Bangalore, Nottingham, Sydney, Dubai and California, publishes a stablecoin rails page covering issuance, cross-border payments, wallets, on- and off-ramps, proof of reserve and AML tooling. It also lists compliance frameworks for MiCA, MAS, VARA and FCA regimes. Its homepage names crypto on-ramp firms such as Transak, Banxa and Onramper among clients. Antier suits teams that need stablecoin issuance planned around several regulatory regions.
3. SoluLab
SoluLab, which Clutch places in Ahmedabad and which says it has operated since 2014, lists a stablecoin development service covering fiat, crypto, commodity and asset-backed tokens across Ethereum, Solana, Polygon, Base, Arbitrum, Stellar and Besu, with KYC and AML integration. Its website cites 250+ developers, and its Clutch profile shows a 4.9 rating from 55 reviews. The page was updated in September 2026. SoluLab suits teams that want a multi-chain token with compliance tooling built in.
4. PixelPlex
PixelPlex, a New York-headquartered firm founded in 2007 with offices in London, Lisbon and Dubai, offers stablecoin development services and names Uforika, Circularr, EY and Qtum among its clients and partners. Its company page cites 130+ specialists, and its Clutch profile shows a 4.9 rating from 33 reviews. It was named a top blockchain company in Clutch's 2024 awards, according to its own site. PixelPlex suits teams that want a mid-size studio with a long blockchain track record.
5. Zfort Group
Zfort Group, founded in 2000 with offices in the US and Ukraine, offers blockchain development covering smart contracts, audits, private blockchains, dApps, crypto exchanges and Hyperledger work, alongside a fintech practice for payment platforms and digital banking. Its pages do not mention stablecoins by name, so it fits as an engineering partner rather than a stablecoin specialist. Clutch shows a 5.0 rating from 23 reviews. Zfort Group suits teams that need payments and blockchain engineering around an existing token.
Frequently Asked Questions
What is PYUSDx?
PYUSDx is an infrastructure platform from M0, MoonPay and PayPal that lets developers launch application-specific stablecoins backed by PayPal USD. M0 provides the platform, and MoonPay handles issuance, distribution and reserves.
Is a PYUSDx token the same as PYUSD?
No. PYUSDx tokens are issued by MoonPay Digital Assets Limited, not by Paxos or PayPal, and they cannot be used on PayPal or Venmo. PYUSD sits behind them as backing.
Do I need a license to launch a stablecoin built on PYUSDx?
It depends on the jurisdiction, the structure and who counts as the issuer. Because the GENIUS Act and state laws define who may issue payment stablecoins, a legal review should come before any launch.
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