U.S. fintech giant PayPal Holdings has reportedly confirmed its intention to launch its own stablecoin, dubbed PayPal Coin. Developer Steve Moser first spotted the development of an in-house stablecoin in the source code of Paypal’s iPhone app.

Jose Fernandez da Ponte, senior vice president of cryptocurrencies and digital currencies at PayPal, confirmed the evidence found on the PayPal app, Tell Bloomberg News:

“We are exploring a stablecoin; if we seek to move forward, we will of course work closely with the relevant regulators.”

Moser’s findings suggest that PayPal is developing PayPal Coin, which will be backed by the U.S. dollar. However, a PayPal spokesperson clarified that the source code for the iPhone app was developed during a recent hackathon.

While PayPal’s digital assets are in the works, the names, logos and functionality of the internal tokens may change prior to launch. support ongoing development, PayPal previously rolled out new features Allows users to buy, hold and pay with digital currency.

Da Ponte also pointed out in an article interview As of November 2021, PayPal “has not seen a stablecoin dedicated to payments”. According to him, stablecoins should support large-scale payments while securing the network, adding:

“There must be clarity on the regulation, the regulatory framework and the types of licenses needed in this area.”

related: PayPal Completes Crypto Transaction Promotion for UK Customers

In addition to launching its own stablecoin, PayPal is taking aggressive steps to promote crypto-related services in jurisdictions outside the U.S.

In September 2021, the company announced the launch of a new Bitcoin trading service for the UK market. As Cointelegraph reported, customers can trade major cryptocurrencies including Bitcoin (bitcoin), ether (Ethereum), Litecoin (LTC) and Bitcoin Cash (BCH).