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PayPal Stopped The Launch Of Its Stablecoin

Industry News

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PayPal halted work on its stablecoin only weeks before it was supposed to be unveiled.

It first became known last January that the company was exploring the possibility of creating a PayPal Coin after a developer named Steve Moser discovered hidden code and images in an iPhone app.

However, the company has now put that project on hold. A spokesman confirmed that the company is exploring the possibility of a Stablecoin and will work closely with regulators if that happens.

The pause stems from the fact that PayPal’s partner in the project, Paxos Trust, is facing an investigation by the New York State Department of Financial Services.

That happened because regulators are stepping up scrutiny of the cryptocurrency sector in the wake of the FTX collapse.