PayPal in plans to launch its own stablecoin as crypto business grows

Secret code in the company's iPhone application shows that a potential "PayPal Coin" would be supported by the U.S dollar.

PayPal in plans to launch its own stablecoin as crypto business grows

PayPal(PYPL) is looking into releasing its stable coin as the company grows its crypto business, in September that PayPal subsidiary Curv was actively working on developing a stable coin.

"We are exploring a stable coin; if and when we seek to move forward, we will work closely with applicable regulators,"

Proof of PayPal's investigation into building its stable coin was discovered in the company's iPhone app by developer Steve Moser and shared with Bloomberg. Secret code and images show work on what is called a "PayPal Coin" The code shows the coin would be backed by the U.S dollar

PayPal has been active with its cryptocurrency efforts recently, increasing the amount of crypto its customers can purchase, as well as investing in educating its users on crypto and working to allow them to withdraw their crypto safely to third-party wallets.

in PayPal app images and code inside this app stemmed from a recent internal hackathon- an event in which engineers team up to speedy explore and develop new products that may never see a public release within the company's blockchain crypto and digital currencies division.

Read: PayPal is recruiting crypto team for Ireland office

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