For many who have been paying attention to the stablecoin space, the news of Paypal officially joining the cryptocurrency sphere is not too much of a surprise. However, If you haven’t heard yet, PayPal is exploring the launch of its own stablecoin.
Stablecoins are cryptocurrencies where the price is designed to be pegged to a cryptocurrency, fiat money, or to exchange-traded commodities.
PayPal has been discussing there interest with stablecoin protocol developers, suggesting the payments giant may be leaning towards working with a third-party company. Sources are reporting that one of the industry leaders Ava Labs, the team behind the Avalanche blockchain, held talks with PayPal over stablecoin development, and there maybe many others involved in there stablecoin’s development. Nevertheless, this news is still simply astronomical on multiple levels.
PayPal announced last year that it would enable crypto buys and sells on its platform through a partnership with industry startup Paxos. Paypal’s cryptocurrency partner Paxos raised $142 million in a Series C funding led by Declaration Partners, an investment adviser to the family office of Carlyle Group billionaire David Rubenstein.
If PayPal did move forward with such a project, this will undoubtedly shine new spotlights on the stablecoin sector.
