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PayPal is exploring the launch of a brand-new stablecoin, as reported by The Block Crypto.
4 sources with knowledge of the scenario informed The Block that PayPal has made the rounds among a few of the market's stablecoin procedure designers-- suggesting the payments giant might be leaning towards dealing with a third-party business.
Ava Labs, the team behind the Avalanche blockchain, is one of the companies that has actually held talks with PayPal over stablecoin development, according to individuals knowledgeable about the matter. It is unclear which other procedures have been involved in the conversations.
A PayPal spokesperson told The Block that "PayPal continues to explore the capacity of digital currencies, digital monetary services facilities and how we can help improve digital commerce as a trusted partner in the space."
"As an international business dealing with regulators and industry partners throughout the world to form the next generation of monetary systems, the company remains in frequent discussion about technologies that allow these objectives. Rumors and speculation are not predictive of the business's future plans," the representative said.
If PayPal did move forward with such a project, it would represent a substantial escalation of its work in the crypto space. Stablecoins are digital possessions that represent fiat or government-backed currencies, utilizing a blockchain network as a payment rail. There is more than $80 billion in stablecoins circulating in the market today, according to information collected by The Block Crypto.
"It looks like they're more likely to do something with an existing stablecoin partner rather than construct something themselves, because I think that would get something to market much faster, and I believe that's their primary issue," one source told The Block.
Reports have long flowed concerning PayPal's stablecoin aspirations. Indeed, one source explained the relocation as the best-known secret in the crypto market.
Last fall, PayPal revealed that it would enable crypto buys and sells on its platform through a partnership with market start-up Paxos. PayPal has actually relocated to expand the scope of its crypto offerings since then.
On March 8, PayPal revealed that it had completed the acquisition of crypto security company and multi-party calculation (MPC) start-up Curv.
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