# PYUSDx and PYUSD are different tokens: who issues each, and what backs them?

Canonical: https://tokenprimer.com/news/b1217211-70f4-4e08-a4cf-9e7f4be5f757
Published: 2026-09-17T16:32:21.044Z
Publisher: Token Primer

M0’s platform lets businesses build PYUSD-backed tokens, with issuance handled by MoonPay Digital Assets.

PYUSDx gives businesses infrastructure for tokens backed by PayPal USD, but those tokens are distinct from PYUSD itself. M0's [September 9 launch announcement](https://www.m0.org/press-releases/pyusdx-stablecoin-platform-crosses-100-million-in-scale) 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](https://www.m0.org/pyusdx) 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.

## Sources

- [PYUSDx stablecoin platform crosses $100 million in scale](https://www.m0.org/press-releases/pyusdx-stablecoin-platform-crosses-100-million-in-scale) — M0
- [PYUSDx platform and issuer disclosures](https://www.m0.org/pyusdx) — M0

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