PayPal has confirmed it is exploring its own stablecoin after code and logos relating to a “PayPal Coin” were discovered in the company’s iPhone app.
Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at PayPal, told Bloomberg, “We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators.”
Hidden code and images of a possible currency symbol show work is underway on the currently named “PayPal Coin”. The project was discovered by developer Steve Moser and shared with Bloomberg.
Curv, a subsidiary of PayPal focused on asset security and cloud-based wallets, has been actively working on a stablecoin since at least September 2021.
A PayPal spokeswoman added that the images and code inside the PayPal app come from a recent internal hackathon – an event where engineers quickly explore and build new product ideas – within the company’s blockchain and digital currencies division.
This means the coin is still very much a work in progress and its logo, name, and features could all change.
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