PayPal is exploring the creation of a dollar-based stablecoin

PayPal is considering launching its own stablecoin as the company grows its crypto business, a company spokesperson confirmed to CoinDesk on Friday.

“We are exploring a stablecoin; if we seek to move forward, we will of course work closely with the relevant regulators,” a PayPal spokesperson told CoinDesk in an emailed statement. Bloomberg first reported the news after developer Steve Moser found evidence in PayPal’s iPhone app that PayPal was exploring building its own stablecoin and shared with Bloomberg. Hidden code and images show the so-called "PayPal Coin" at work.

In its report, Bloomberg noted that the code shows that the coin will be backed by the U.S. dollar. PayPal has been very active in cryptocurrency efforts recently, increasing the number of cryptocurrencies customers can buy, investing in educating users about crypto, and working to allow them to securely withdraw cryptocurrencies into third-party wallets