May 15, 2021

Media: PayPal will release its own stablecoin

Media: PayPal will release its own stablecoin

Payment giant PayPal plans to expand its presence in the crypto market and is rumored to be considering the ability to launch a stablecoin.

PayPal has already negotiated with severalstablecoin developers, including Ava Labs. The company has not officially confirmed the information yet, noting only that it is exploring the possibilities of digital currencies.

According to sources, the PayPal team is likely towill choose a stablecoin development partner, rather than create a new product on its own. This will help the service to offer a new service on the market as soon as possible.

Rumors about the possibility of integrating stablecoins into the PayPal payment service have been circulating for a long time. However, “consideration of opportunities” does not yet indicate specific plans.

Meanwhile, PayPal continues to expand its range ofoffered crypto services. In March, the company allowed US users to pay for goods and services directly in cryptocurrency. At the end of last month, 70 million users of PayPal's Venmo mobile payment service started trading crypto.

On March 8, PayPal announced the completion of its acquisition of cryptographic security company and multilateral computing (MPC) startup Curv.

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