PayPal has been expanding its cryptocurrency business since it opened trading to all users in 2020. It allowed US customers to check out with cryptocurrency and increased its crypto buy limit over the past year.
According to the latest report, PayPal is exploring the launch of its own stablecoin as part of its cryptocurrency push, according to the company, which confirmed the development after evidence of the move was discovered inside its iPhone app.
“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators,”
Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at PayPal, said in a statement to Bloomberg News. Stablecoins are cryptocurrencies backed and priced by the value of an existing currency or commodity.
A developer named Steve Moser found hidden code and images for a “PayPal Coin” in the company’s app and shared them with Bloomberg. Based on what he discovered, the PayPal Coin will be backed by the US dollar. It may also feature the PayPal logo with two horizontal slashes across it, though that may change upon the coin’s launch, if it does see the light of day.
Stablecoins are cryptocurrencies backed by fiat currencies and are typically more, well, stable than their decentralized counterparts.
PayPal has engaged in a major cryptocurrency effort in recent months, launching new features to buy and hold the digital coins as well as the ability to pay for purchases using the monies.