PayPal explores launch of own stablecoin

Evidence of the company’s exploration into building a stablecoin was first discovered in PayPal’s app by developer Steve Moser. Hidden code and images show work on what is dubbed a ‘PayPal Coin’. The code indicates such a coin would be backed by the US dollar.

Stablecoins are cryptocurrencies backed and priced by the value of an existing currency or commodity.

The images and code inside of the PayPal app stemmed from an internal hackathon within the company’s blockchain, crypto and digital currencies division. That means the ultimate logo, name, and features could change in its public product form.

PayPal has engaged in a cryptocurrency effort in recent months, launching new features to buy and hold the digital coins as well as the ability to pay for purchases using the monies.