PayPal begins talk to launch stablecoin

TL;DR Breakdown

  • PayPal to float own stablecoin
  • What the stablecoin would mean to crypto

Global payment giant, PayPal that has been attracted to crypto recently is said to have started exploring how they would launch their own stablecoin.

According to The Block, sources in PayPal said the payment giants have begun visiting industry experts and stablecoin protocol developers, hinting that Paypal may be leaning towards working with a third-party company.

Reportedly, Ava lab, developer of Avalanche blockchain, is one of the many companies the payment giants are looking to work with. Details are still sketchy of other protocols the payment firm has been involved in with discussions.

A spokesperson of the firm told The Block that “PayPal continues to explore the potential of digital currencies, digital financial services infrastructure and how we can help enhance digital commerce as a trusted partner in the space.”

What a PayPal stablecoin mean for crypto

If the payment firm moves forward with developing a stablecoin, it means a significant amplification of its work in the crypto space.

Rumors have long circulated regarding PayPal’s stablecoin ambitions and are described mainly as one of the best-known secrets in the crypto industry.

“It looks like they’re more likely to do something with an existing stablecoin partner rather than build something themselves because I think that that would get something to market faster, and I think that’s their primary concern,” one source told The Block.

Paypal and crypto

The firm has long declared its affiliation for crypto since 2020 when it announced that it would enable crypto buys and sells on its platform through a partnership with industry start-up Paxos.

The payment giant obtained a conditional license from the New York Department of Financial Services (NYDFS), allowing the firm to offer crypto buying and selling.

Since then, the firm has been moving to widen its scope of crypto products. They recently announced that they acquired a crypto-security firm and multi-party computation (MPC) start-up Curv.

Post Author: blockchain

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