PayPal wants to create its own revolution and launch its “PayPal Coin”.

PayPal is exploring the possibility of launching its own stablecoin as part of its cryptocurrency campaign.

⁇ We are studying the possibility of launching Stablecoin; If and when we want to move forward, we will work with the relevant regulatorsPayPal Vice President Jose Fernandez da Ponte said in a statement Bloomberg News. The stablecoins Crypto-currencies are supported by an existing currency or commodity value and its value is determined by it.

Evidence for company exploration in building stable coin extracted in payPal app by developer Steve Moser And shared with Bloomberg. Hidden code and images show a task called “” PayPal CoinThe code indicates that the US dollar will support such a coin.

PayPal is working on a fixed currency called ‘PayPal Coin’. The logo was found on their iOS app. #USDC #UST # Tether #USDT #PayPalCoin https://t.co/1SGuRKZ9NS pic.twitter.com/j6D0JaHW8Q

– Steve Moser (SteveMoser) January 7, 2022

A PayPal spokesperson said the images and code in the PayPal app came from a recent internal hackathon – an event where engineers team up to quickly explore and create new products that will never see a public version in the company’s blockchain, crypto and digital currencies. Partition. This means the logo, name and features may change in its public product form.

PayPal has launched a major cryptocurrency initiative over the past few months, launching new features for buying and holding digital coins, as well as the ability to pay for purchases with those amounts.

PayPal was not the first tech giant to consider launching its own currency. Meta has previously been involved in the development of Facebook, a stable currency called Diem, but in recent months Visa has allowed the US dollar-backed stable currency to settle transactions with the network.