> ## Documentation Index
> Fetch the complete documentation index at: https://dev.enterprise.moonpay.com/llms.txt
> Use this file to discover all available pages before exploring further.

# PYUSDx

> PYUSDx is a DeFi-oriented issuance platform from MoonPay and M0, built with PayPal. Launch a stablecoin backed 1:1 by PYUSD, with programmable rewards and shared liquidity.

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. Availability limited by jurisdiction.

<Note>
  PYUSDx tokens (and any digital tokens issued on the PYUSDx platform) are not PayPal USD issued by Paxos Trust Company, NA or PayPal, are not a PayPal product or service, and are not otherwise affiliated with PayPal or Paxos Trust Company, NA. PYUSDx is not a regulated stablecoin and its regulatory classification varies by jurisdiction. Availability varies by jurisdiction and issuance model.
</Note>

<CardGroup cols={3}>
  <Card title="M0" icon="layer-group">
    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.
  </Card>

  <Card title="MoonPay" icon="shield-check">
    A crypto payments group with 30M+ users and global on and off-ramp coverage. The operations layer behind PYUSDx.
  </Card>

  <Card title="PayPal" icon="building-columns">
    One of the world's largest payments networks, with 400M+ users across PayPal and Venmo. The primary distributor of PYUSD.
  </Card>
</CardGroup>

## Why build on PYUSDx

<CardGroup cols={2}>
  <Card title="Contract-level ownership" icon="file-signature">
    You own the branding, fee logic, distribution, and rewards allocation for the stablecoin you build on top of PYUSDx.
  </Card>

  <Card title="Programmable rewards" icon="arrow-trend-up">
    Rewards from PYUSD reserves stream on-chain to your stablecoin. You control who receives them, how they split, and on what cadence.
  </Card>

  <Card title="Minting and redemption" icon="arrows-rotate">
    MoonPay handles 1:1 minting and redemption against PYUSD, giving you and your partners a proven way to mint and redeem at scale.
  </Card>

  <Card title="Shared liquidity" icon="droplet">
    Convert 1:1 on-chain between your stablecoin, PYUSD, and every other token built on PYUSDx.
  </Card>
</CardGroup>

## How minting works

When a user deposits PYUSD to mint PYUSDx, MoonPay Enterprise 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.

## How redeeming works

When a user redeems PYUSDx for PYUSD, MoonPay Enterprise 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

<Note>
  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.
</Note>