Bloomberg: PayPal weighs launching its own stablecoin

PayPal will study the possibility of launching a dollar-backed stablecoin. Bloomberg reports, citing the company’s vice president Jose Fernandez da Ponte.

He said that, should a decision be made to launch the stablecoin, the payments giant would work closely with regulators on the matter.

According to Bloomberg, developer Steve Moser uncovered the first evidence of PayPal’s exploration of the stablecoin space in the company’s iPhone app. According to him, the coin is called PayPal Coin.

A PayPal spokesperson explained that the images and code inside the app appeared as a result of a hackathon. According to her, the final logo, name and product features may change during development.

In March PayPal announced the Checkout with Crypto service, which allows customers in the United States to use cryptocurrency for payments.

In April the company added the ability to buy and sell digital assets in the Venmo mobile service.

In July PayPal announced that it had completed the development of its own cryptocurrency wallet.

In August the payments giant opened access to digital assets for customers in the United Kingdom.

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