PayPal (PYPL), given its growth of the crypto business, has started looking into creating and launching its own stablecoin, a company spokesperson had confirmed with Coindesk. It was back in September when it was learned that PayPal subsidiary Curv was actively working on developing a stablecoin.
“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators,” a PayPal spokesman told CoinDesk in an emailed statement.
Steve Moser, a developer had first discovered PayPal’s exploration into building its own stablecoin on the iPhone app of the company, and this was first reported to Bloomberg, and there were hidden codes and images that showed something on the lines of PayPal Coin. The code also indicated that this stablecoin was going to be backed by U.S. dollar.
PayPal had recently started expanding its Crypto business by adding more cryptocurrencies that its customers can purchase directly from the platform, and the company had also invested in educating its users on Cryptocurrency, and there are safe ways provided by PayPal for users to withdraw their crypto holdings safely to third-party wallets.
While companies launching stablecoins is nothing new, PayPal taking this step would bring about quite a change in the Crypto market. PayPal had recently conducted an internal hackathon where engineers team up to explore building new products and these could never see the light of the day, and this was done within the company’s blockchain, crypto and digital currencies division.