Is PayPal preparing to launch a new stablecoin?
PayPal is checking out the launch of a new stablecoin, as reported by The Block Crypto.
Four sources with knowledge of the situation informed The Block that PayPal has made the rounds amongst some of the industry's stablecoin procedure developers-- suggesting the payments giant might be leaning towards working with a third-party company.
Ava Labs, the group behind the Avalanche blockchain, is among the organizations that has held talks with PayPal over stablecoin advancement, according to individuals acquainted with the matter. It is unclear which other procedures have been involved in the discussions.
A PayPal spokesperson told The Block that "PayPal continues to check out the capacity of digital currencies, digital monetary services infrastructure and how we can assist boost digital commerce as a trusted partner in the space."
"As a global business working with regulators and industry partners throughout the world to form the next generation of financial systems, the business is in frequent conversation about innovations that make it possible for these goals. Nevertheless, reports and speculation are not predictive of the company's future strategies," the representative stated.
If PayPal did progress with such a project, it would represent a significant 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 flowing in the market today, according to information gathered by The Block Crypto.
"It looks like they're most likely to do something with an existing stablecoin partner rather than construct something themselves, due to the fact that I think that would get something to market much faster, and I believe that's their main concern," one source told The Block.
Rumors have actually long flowed relating to PayPal's stablecoin aspirations. Certainly, one source explained the relocation as the best-known trick in the crypto industry.
Last fall, PayPal revealed that it would enable crypto buys and sells on its platform through a partnership with industry startup Paxos. PayPal has actually moved to expand the scope of its crypto offerings ever since.
On March 8, PayPal revealed that it had finished the acquisition of crypto security company and multi-party calculation (MPC) start-up Curv.