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PayPal explores creating own stablecoin

PayPal explores creating own stablecoin

Payments giant PayPal is "exploring" the launch of its own dollar-backed stablecoin.

The firm confirmed that it is investigating a possible PayPal Coin after a developer called Steve Moser found hidden code and images in its iPhone app.

The code was left over from an internal hackathon at the PayPal blockchain, crypto and digital currencies division, a spokesperson told Bloomberg.

Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at PayPal confirmed that PayPal will work closely with regulators, "if and when [it] seek[s] to move forward," with the coin.

Facebook and the Diem stablecoin project have faced huge regulatory pushback, forcing the tech giant to launch its Novi cryptocurrency wallet with the Pax Dollar.

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