PayPal has confirmed it is looking into developing PayPal Coin, a dollar-backed stablecoin as it looks to expand its footprint in the cryptocurrency space.
Originally an unconfirmed rumour after a developer – Steve Moser – discovered the evidence of a possible stablecoin development inside PayPal’s iPhone app, it was later confirmed by the payments giant.
A PayPal spokeswoman also told Bloomberg that the initiative was due to a company hackathon within its blockchain, crypto and digital currencies division.
Stablecoins are a form of cryptocurrency backed by an external asset, such as the Euro or the US dollar. Some of the most known stablecoins are those currently issued by Circle, Binance and Tether.
PayPal joins Meta Platforms – formerly Facebook – in the club of large of companies creating its own stablecoin. Facebook is developing the Diem stablecoin but has currently stalled on the project.
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