Evidence of PayPal Coin discovered, PayPal admits to exploring stablecoins.

According to Bloomberg, payment company PayPal has acknowledged that it is working on launching a stablecoin after evidence was found in its app. Personnel from PayPal's relevant department stated, "We are exploring stablecoins, and as we move forward with this, we will, of course, closely engage with regulators."

According to a report by Bloomberg, the payment company PayPal has acknowledged that it is considering launching a stablecoin after evidence was found in its app. Personnel from the relevant department at PayPal stated, "We are exploring stablecoins and as we prepare to take the next step, we will of course closely engage with relevant regulators."

According to the developer who discovered the evidence, the stablecoin known as PayPal Coin would be backed by the US dollar. However, a PayPal spokesperson stated that the images and code were from an internal hackathon at the company, and the product may never see the light of day.

In the past, tech giants like Meta Facebook have also planned to launch their own stablecoins but faced regulatory obstacles. PayPal has been increasingly active in cryptocurrency payments and applications in recent years, opening up cryptocurrency trading and payments in 2020, as well as launching a super wallet project with financial products.