{"id":298041,"date":"2023-02-11T15:30:09","date_gmt":"2023-02-11T15:30:09","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=298041"},"modified":"2023-02-11T15:26:34","modified_gmt":"2023-02-11T15:26:34","slug":"paypal-puts-its-stablecoin-project-on-hold","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/paypal-puts-its-stablecoin-project-on-hold\/","title":{"rendered":"PayPal puts its stablecoin project on hold"},"content":{"rendered":"

Payments giant PayPal has paused work on a potential upcoming stablecoin, Bloomberg News reported on Feb. 10<\/a>.<\/p>\n

A representative of the company told Bloomberg:<\/p>\n

“We are exploring a stablecoin…If and when we seek to move forward, we will, of course, work closely with relevant regulators.\u201d<\/p><\/blockquote>\n

Though PayPal never officially announced that project, code for a USD-backed “PayPal Coin” was discovered in the company's application code more than a year ago. That code was shared with Bloomberg<\/a>, who first reported the development in January 2022.<\/p>\n

PayPal hopes to introduce the stablecoin in the coming weeks, according to Bloomberg \u2014 although no launch timeline has been officially announced.<\/p>\n

Bloomberg implied that regulatory difficulties might be behind the delay. Stablecoin issuer and brokerage Paxos, which provides PayPal's crypto features, was supposedly working on the asset. However, rumors have emerged<\/a> that Paxos faces a probe from the New York Department of Financial Services (NYDFS). This may have shifted the firm's focus.<\/p>\n

New restrictions on staking and interest-bearing services<\/a> \u2014 though not necessarily a feature of PayPal's stablecoin \u2014 may also be encouraging caution.<\/p>\n

Despite delays on its stablecoin, PayPal has introduced various crypto features. In October 2020<\/a>, it began to allow users to invest in Bitcoin, Ethereum, and other coins solely through its own platform. The company expanded trading capabilities and raised limits, and starting in mid-2022, PayPal users in the U.S. could transact crypto with other wallets<\/a>.<\/p>\n

Meanwhile, recent reports indicate PayPal holds $604 million worth of customer crypto, including $291 million in Bitcoin and $250 million in Ethereum.<\/p>\n","protected":false},"excerpt":{"rendered":"

Payments giant PayPal has paused work on a potential upcoming stablecoin, Bloomberg News reported on Feb. 10. A representative of the company told Bloomberg: “We are exploring a stablecoin…If and when we seek to move forward, we will, of course, work closely with relevant regulators.\u201d Though PayPal never officially announced that project, code for a […]<\/p>\n","protected":false},"author":1403,"featured_media":298049,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60208,11,32631],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nPayPal puts its stablecoin project on hold<\/title>\n<meta name=\"description\" content=\"Payments giant PayPal has paused work on a potential upcoming stablecoin, according to a report from Bloomberg on Feb. 10.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/paypal-puts-its-stablecoin-project-on-hold\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PayPal puts its stablecoin project on hold\" \/>\n<meta property=\"og:description\" content=\"Payments giant PayPal has paused work on a potential upcoming stablecoin, according to a report from Bloomberg on Feb. 10.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/paypal-puts-its-stablecoin-project-on-hold\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-11T15:30:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-11T15:26:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/02\/paypal-stablecoin.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mike Dalton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mike Dalton\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/paypal-puts-its-stablecoin-project-on-hold\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/paypal-puts-its-stablecoin-project-on-hold\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/#person\",\"name\":\"Mike Dalton\",\"url\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/mike-dalton\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/mike-dalton-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/mike-dalton-author-300x300.jpg\",\"caption\":\"Mike Dalton\"},\"jobTitle\":\"Former Journalist\",\"description\":\"Before transitioning to crypto writing in 2018, Mike studied library and information sciences. 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