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PayPal Plans To Launch Stablecoin

PayPal Buys Paidy in A $2.7 Billion Deal to Expand Buy Now Pay Later  Service - Tekedia

PayPal plans to launch its own stablecoin.

PayPal, the American payments giant, is looking into launching its own stablecoin as the company grows its crypto business. Bloomberg reported in September that PayPal subsidiary Curv was actively developing a stablecoin.

PayPal told Bloomberg in an emailed statement: “We are exploring the possibility of launching a stablecoin; if and when we move forward, we will be working closely with relevant regulators.”

PayPal’s exploration into building its own stablecoin was first revealed by Bloomberg after developer, Steve Moser found evidence of the company’s exploration in its iPhone app. Bloomberg reported that hidden code shows work on a “PayPal Coin.” The code shows the coin would be backed by the greenback.