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.
PayPal’s enthusiasm for digital assets grew substantially throughout 2021, with the company allowing customers to pay with cryptocurrency and even scrapping its annual purchase limits.
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