PayPal confirms that it is 'exploring' a stablecoin

PayPal has confirmed that it is "exploring" a stablecoin backed by US dollars.

The Block first reported on this process last May. At the time, The Block's sources said that the payments giant was holding talks with third-party startups in the crypto space as part of this process.

A spokesperson had said that the firm was exploring applications of digital currency as part of its offerings but "rumors and speculation are not predictive of the company’s future plans."

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Late Friday, Bloomberg reported that code embedded in PayPal's iOS app highlighted a so-called "PayPal Coin&quo