PayPal is looking for ways to develop its own Stablecoin, Bloomberg confirmed.
It was first discovered by developer Steve Moser, who found references to “PayPal Coin” in PayPal’s iOS app.
Upon inquiring, Bloomberg reported that PayPal is indeed “exploring a stablecoin” and will be working “closely with relevant regulators” if things are going smoothly.
For the past few years, PayPal has been gradually expanding its market to cryptocurrency. In late 2020, the company began facilitating the purchase of select cryptocurrencies. So far, the platform already supports Bitcoin, Bitcoin Cash, Litecoin, and Ethereum.
A stablecoin is unique in that its specific asset backs its value. Unlike Bitcoin, whose value could change after a week, a Stablecoin, maybe supported by gold, would still maintain its worth in the same period.
According to Bloomberg, PayPal Coin would be backed by the US dollar, making it easier for average users to adopt the digital currency for everyday use.