PayPal explores stablecoin launch to further crypto aspirations - Bloomberg
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PayPal Holdings (NASDAQ:PYPL) is exploring creating its own stablecoin as part of its push into cryptocurrency, Bloomberg reports, citing a company executive. PayPal shares rise 0.5% in after-hours trading.
"We are exploring a stablecoin; if and when we seek to move forward, we will of course work closely with relevant regulators," Jose Fernandez da Ponte, PayPal's (PYPL) senior vice president of crypto and digital currencies, told Bloomberg News in a statement.

A stablecoin is a digital asset that's meant to be pegged to a fiat currency like the U.S. dollar.
Steve Moser, a developer, found evidence of the potential stablecoin hidden in coding in PayPal's app and shared the details with Bloomberg. The code and images revealed work on something called "PayPal Coin," which would be backed by the U.S. dollar.
In August, PayPal (PYPL) launched a feature for Venmo credit cardholders to buy crypto automatically.
PayPal (PYPL) isn't the first tech company to look at developing its own coin. Last May, Facebook (now Meta Platforms (NASDAQ:FB)), moved its Diem digital currency project to the U.S.