Last week, after a developer named Steve Moser found evidence of the development of an in-house stablecoin in the source code of Paypal's iPhone app, PayPal reportedly confirmed that they were exploring launching their own stablecoin.

Jose Fernandez da Ponte, PayPal's senior VP of crypto and digital currencies, said, ''We are exploring a stablecoin; if and when we seek to move forward, we will, of course, work closely with relevant regulators.''