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PYUSDx is a DeFi-oriented issuance platform built by MoonPay and M0 in partnership with PayPal. Every PYUSDx token is backed 1:1 by PayPal USD (PYUSD), and rewards are generated from the PYUSD reserves. You integrate through M0’s protocol to launch your own stablecoin backed by PYUSDx, with coverage for users outside the US.

M0

The infrastructure layer, built by the original architects of USDC and DAI. The network runs 15+ stablecoins across 20+ chains, with $3B+ in on-chain flows.

MoonPay

A regulated crypto payments company with 30M+ users and global on and off-ramp coverage. The licensing and operations layer behind PYUSDx.

PayPal

One of the world’s largest payments networks, with 400M+ users across PayPal and Venmo. The primary distributor of PYUSD.

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Why build on PYUSDx

Contract-level ownership

You own the branding, fee logic, distribution, and rewards allocation for the stablecoin you build on top of PYUSDx.

Programmable rewards

Rewards from PYUSD reserves stream on-chain to your stablecoin. You control who receives them, how they split, and on what cadence.

Minting and redemption

MoonPay handles 1:1 minting and redemption against PYUSD, giving you and your partners a proven way to mint and redeem at scale.

Shared liquidity

Convert 1:1 on-chain between your stablecoin, PYUSD, and every other token built on PYUSDx.

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How minting works

When a user deposits PYUSD to mint PYUSDx, Iron automatically:
  1. Detects the incoming PYUSD deposit on-chain
  2. Allocates PYUSD to the PYUSDx reserve account
  3. Mints equivalent PYUSDx tokens on-chain
  4. Delivers PYUSDx tokens to the user’s specified wallet address
Every token is backed at least 1:1 by equivalent PYUSD value in reserves.

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How redeeming works

When a user redeems PYUSDx for PYUSD, Iron automatically:
  1. Detects the incoming PYUSDx deposit on-chain
  2. Burns the PYUSDx tokens, removing them from circulation
  3. Releases equivalent PYUSD value from reserve accounts
  4. Delivers PYUSD tokens to the user’s specified wallet address
Unlike fiat-backed issuance, PYUSDx mints and redeems against PYUSD, so the flow is on-chain crypto-to-crypto end to end. You can also convert 1:1 on-chain between PYUSDx, PYUSD, and any other token built on PYUSDx.