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PayPal has confirmed that it is “exploring” a US dollar-backed stablecoin.
The Block first reported on this process last May. At the time, The Block’s sources said the payments giant was in talks with third-party startups in the crypto space as part of this process.
A spokesperson said the company was exploring applications of digital currency as part of its offerings, but “rumors and speculation do not predict the company’s future plans.”
Last Friday, Bloomberg reported that the code embedded in PayPal’s iOS app featured a so-called “PayPal Coin” that included its own logo. A representative told the point of sale that this code was developed during an internal hackathon.
“We are exploring a stablecoin; if and when we look to move forward, of course we will work closely with relevant regulators, ”Jose Fernandez da Ponte, PayPal’s senior vice president on digital currency issues, told Bloomberg.
In October 2020, PayPal made waves when it announced that it was adding crypto to its payments app, allowing users of its main service as well as Venmo to buy and hold crypto. The payment company has since extended its work in this area within a dedicated business unit.
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