PayPal Puts Stablecoin Plans on Hold

PayPal is working on its own virtual currency but is currently on hold as a partner of the company is under investigation by the authorities.

PayPal supports (only in the US) a number of cryptocurrencies for payments, but the company is also working on its own stablecoin. This is a virtual currency whose value is directly linked to the price of a real currency, such as the dollar.

But those plans are now on hold; sources told the Bloomberg news agency. Partly because the legislation surrounding crypto coins is becoming stricter but also because a partner with whom PayPal is setting up the project, Paxos, is under investigation by the New York State Department of Financial Services.

In a statement to Bloomberg, PayPal says it is indeed working on a stablecoin. If and when we move forward with that, it will be in close cooperation with regulators.

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