According to a company official on Friday, PayPal (PYPL) is considering developing its own stablecoin as the company expands its crypto business.
PayPal is investigating developing its own stablecoin as it adds its crypto business, a company spokesperson told on Friday. Sources informed CoinDesk in September that PayPal subsidiary Curv was actively focusing on creating a stablecoin.
A PayPal spokesman said in an email:
“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators,”
Bloomberg broke the story when developer Steve Moser uncovered and disclosed proof of the tech company’s investigation towards creating its own stablecoin in its iPhone app. Hidden code and graphics demonstrate the operation of a “PayPal Coin.” According to Bloomberg, the coding indicates that the US dollar would back the currency.
The firm has recently increased the amount of cryptocurrency its clients may acquire and investing in educating its consumers about crypto and striving to allow them to deposit their crypto securely to third-party wallets.
According to a spokesperson, the images and code inside the app came from a recent internal hackathon – an event in which software developers collaborate to quickly discover and develop new products that may never see a public release – within the company’s blockchain, crypto, and digital currencies division.