Paypal is working to create a new stablecoin of its own

Paypal is working to create a new stablecoin of its own as the interest of the firm grows into crypto. On Friday, spokesperson of the Paypal confirmed to the CoinDesk.  Sources already broke this news to the CoinDesk in September 2021.

In the last two years, wider adoption by the big institutions has made the journey of crypto fantastic. The payment giant, Paypal, has been exploring the crypto market lately. The firm added the crypto transaction feature for its UK users. The spokesperson of the firm has told the CoinDesk that, Paypal is working to create a new stablecoin.

Paypal is working to create a new stablecoin:

A statement was emailed by the spokesperson of Paypal to CoinDesk. This statement revealed that Paypal is working to create a new stablecoin of its own. The statement from the spokesperson person further detailed:

We are exploring a stablecoin; if and when we seek to move forward, we will, of course, work closely with relevant regulators.

Developer Steve Moser has already told this news to Bloomberg in the previous year. The developer found out the hidden code and image in the firm’s iPhone app. Hidden code and images show work on what is called a “PayPal Coin.” The code shows the coin would be backed by the U.S. dollar, Bloomberg noted in its report. Bloomberg was also told that the code and image inside Paypal’s app were stemmed from the internal hackathon.

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