Payment Giant PayPal is now actively shifting towards the growing cryptocurrency domain by exploring stablecoins.
According to Bloomberg, the company is looking forward to introducing a stablecoin backed by the US dollar in a bid to expand its crypto offerings.
Here's what we know so far.
PayPal To Launch Its Stablecoin
The evidence of PayPal exploring to launch its stablecoin was first discovered by developer Steve Moser. He found hidden codes and images in Paypal's application which showed substantial work on "PayPal coin" backed by US dollar.
Jose Fernandez De Ponte, senior vice president of crypto and digital currencies at Paypal also confirmed the news. He said:
We are exploring a stablecoin; if and when we seek to move forward, we will, of course, work closely with relevant regulators.
Stablecoins are a type of cryptocurrency where the prices of such assets are tied to the fiat currency to offer more stability to the asset. Stablecoins such as Tether have gained immense popularity in recent years as they offer the security and privacy of cryptocurrencies combined with volatility-free pricing that makes them an attractive investment alternative.
When is Paypal Stablecoin released?
As of now, PayPal has not yet disclosed an official date for the launch of its stablecoin. Given the company has likely just started the process of developing a stablecoin, it might take a few months for the company to announce an official timeline.
Recently Paypal has accelerated its efforts in the cryptocurrency domain by offering crypto payments.
PayPal has also been working to facilitate smooth crypto transfers, allowing investors to withdraw money to third-party wallets.
Other stablecoins thought to be in the works include the Cardano Djed and Shiba Inu Shi stablecoins.
Read More: PayPal UK Adds Crypto Support For Customers: Here's How To Buy Crypto Through PayPal
[Edited Image Credit: Vojtech Bruzek/Unsplash/Wikimedia Commons/Fabián Alexis]