On Friday, PayPal confirmed to Bloomberg that it’s currently researching a PayPal stablecoin. Developer Steve Moser found code inside the PayPal app regarding PayPal Coin, a U.S. dollar backed stablecoin.
A PayPal spokesperson confirmed the code and images came from an internal hackathon by the company’s blockchain, crypto and digital currencies division.
“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators,” Jose Fernandez da Ponte, PayPal SVP of crypto and digital currencies told Bloomberg.
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