PYUSDx gives businesses infrastructure for tokens backed by PayPal USD, but those tokens are distinct from PYUSD itself. M0's September 9 launch announcement describes Saturn, Concrete and Cap as initial users of the platform.
Two different issuers
PYUSD is issued by Paxos Trust Company. The platform's current disclosures identify MoonPay Digital Assets Limited as the issuer of PYUSDx tokens and state that they are not PayPal USD or PayPal products.
Backing and issuance answer different questions: PYUSD can serve as an underlying asset without making the resulting token the same instrument or giving it the same issuer.
Read the product terms separately
M0 reports more than $100 million in processed volume across launch projects. That is an activity measure, not automatically a reserve balance or the circulating supply of one token.
The platform also says regulatory classification and availability vary by jurisdiction and issuance model. Users evaluating a branded token therefore need its own issuer, redemption and eligibility terms, rather than relying solely on the PYUSD name in its backing description.