Paypal is said to be developing a stablecoin backed by the US dollar in order to increase its cryptocurrency offerings. “Of course, we will work closely with relevant regulators,” the firm stated.

As part of its cryptocurrency drive, Paypal Holdings Inc. is apparently considering launching its own stablecoin backed by the US dollar, according to Bloomberg.

The senior vice president of Paypal’s digital and crypto currency, Jose Fernandez da Ponte was able to confirm the report:

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

Developer Steve Moser discovered the evidence of Paypal’s stablecoin and shared his findings with the news publication. He discovered hidden code and pictures in Paypal’s app, indicating that the company is working on a “Paypal coin” backed by the US dollar.

The photos and coding in the Paypal application were taken from a recent internal hackathon, according to a Paypal spokeswoman. The stablecoin’s final logo, features, and name may differ from what is now visible in the software.

According to the newspaper, Fernandez da Ponte recently stated on the Unchained podcast that Paypal has “not yet encountered any stablecoin especially meant to be used for payments.”

According to him, the stablecoin would need to facilitate payments at the scale of payments and be secure enough for payments behemoths to use it. He stated his opinion as follows:

There would have to be clarity on the regulation, the regulatory frameworks, and the type of licenses that are needed in this space.

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