"PayPal, M0, and MoonPay launched PYUSDx on September 9, letting any business issue an application-specific stablecoin backed by PayPal USD. Three issuers are live at launch which the companies say have collectively processed more than $100 million. The structure has two layers: PYUSD is issued by Paxos Trust Company, a federally regulated national banking association, and backed by dollar deposits and Treasuries. Tokens created on PYUSDx are not PayPal or Paxos products and cannot be sent, received, or used inside PayPal or Venmo."