PayPal is exploring launching its own stablecoin as part of its cryptocurrency push. PayPal confirmed the move after evidence of it was discovered within its iPhone app by developer Steve Moser, who found hidden code and images showing work on a “PayPal Coin.” The code indicates the coin would be backed by U.S. dollars.

In a statement, Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at PayPal, said the firm is “exploring a stablecoin,” and that “if and when” it seeks to move forward it will “work closely with relevant regulators.”

The images and code referring to a PayPal Coin stem from an internal hackathon, according to a spokesperson. A hackathon is an event in which engineers team up to explore and build new products, which may never be released.

PayPal has launched numerous cryptocurrency features over the last few months, after it started letting users buy, sell, and hold BTC, BCH, ETH, and LTC on its platform in October 2020. It now lets users pay for purchases using crypto.

Source: https://www.cryptocompare.com/email-updates/daily/2022/jan/10/