Digital payments giant PayPal is looking at the possibility of having its own stablecoin. Several sources said the company already had discussions with a group of developers about the matter.
One of the stablecoin developers that PayPal had talked with is Ava Labs Blockchain Company, while the remaining protocol developers that the payments services provider had discussed with remain unknown.
According to BlockchainNews, an unnamed PayPal spokesperson disclosed that as a global company working with regulators and industry partners in shaping the next generation of financial systems, they are in “frequent conversation about the technologies that enable these goals.”
Not an in-house project
One of the sources has indicated that the company would rather work with an outside developer rather than have the stablecoin as an in-house project because doing so would make the process faster.
The company’s primary concern is to have a product out in the market at the soonest time possible.
Rumors about the ambitious plan of PayPal to launch its stablecoin have long circulated and, as a matter of fact, are considered as the best-known secrets in the cryptocurrency industry today.
PayPal pushes mainstream crypto adoption
PayPal has been engaging further in the crypto space, and their plans regarding stablecoin are the latest move the company has taken in this regard.
Currently, the payment company supports digital currencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH), and customers that hold these in their digital wallets can convert them into fiat currencies.
Last month, PayPal enabled its users to use cryptocurrencies as payment for 29 million online merchants worldwide. It has also partnered with Coinbase to allow users to purchase digital currencies through their bank and debit cards linked to their accounts.
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