<p>Payments giant PayPal, one of 28 members of the Facebook-led Libra stablecoin project, is on the verge of quitting the project.</p> <p>The Financial Times <a href="https://www.ft.com/content/6af11092-e5fd-11e9-9743-db5a370481bc">reported</a> the news Thursday, saying that PayPal did not attend a key meeting in Washington to discuss how Libra would address increasing opposition from global regulators.</p> <p>PayPal was the only member firm not present at the meeting, "people familiar with the event,” told the FT.</p> <p>The payments giant is reportedly concerned that Facebook has not done enough to address rising scrutiny, especially related to money laundering issues. One person close to PayPal told the newspaper: “[Payments] companies don’t want that [regulatory scrutiny] to bleed into their businesses.”</p> <p>The person added that PayPal may rejoin the project at a later date.</p> <p>It would be a big blow for Facebook if PayPal quits the project, which is being led by former PayPal executive David Marcus. Also, most of the project’s team contains former PayPal staff.</p> <p>Other payments giants - Visa, Mastercard and Stripe - are also reportedly <a href="https://www.theblockcrypto.com/linked/41728/visa-mastercard-paypal-and-stripe-hesitate-to-officially-sign-on-to-facebooks-libra">hesitating</a> to officially sign on to the Libra project. Executives at these companies have been concerned with Facebook's handling of data and privacy issues.</p>