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PayPal Explores Launch of Own Stablecoin in Crypto Push

  • Company says it would work with regulators ahead of launch
  • Evidence of ‘PayPal Coin’ work found in company’s iPhone app
PayPal Holdings Inc. Illustrations Ahead Of Earnings Figures
Photographer: Gabby Jones/Bloomberg

PayPal Holdings Inc. is exploring the launch of its own stablecoin as part of its cryptocurrency push, according to the company, which confirmed the development after evidence of the move was discovered inside its iPhone app. 

“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, senior vice president of crypto and digital currencies at PayPal, said in a statement to Bloomberg News. Stablecoins are cryptocurrencies backed and priced by the value of an existing currency or commodity.