PayPal are exploring the creation of dollar-based stablecoins

PayPal company spokesman confirmed to CoinDesk on Friday that PayPal are considering launching their own stablecoin as the company grows its crypto business. "We are exploring a stablecoin; if we seek to move forward, we will of course work closely with the relevant regulators," a PayPal spokesperson told CoinDesk in an emailed statement. Bloomberg first reported the news after developer Steve Moser discovered PayPal exploring evidence of building its own stablecoin in PayPal's iPhone app and sharing it with Bloomberg. The hidden code and images show the work of the so-called "PayPal Coin". Bloomberg noted in its report that the code shows that the token will be backed by dollars. PayPal has been very active in recent efforts in cryptocurrencies, increasing the amount of cryptocurrency that customers can buy, and investing in crypto education for users and working to get them to safely withdraw cryptocurrencies into third-party wallets. （coindesk）