PayPal may launch its own stablecoin as part of its cryptocurrency effort, which was confirmed after proof of the move was found in its iPhone app.

PayPal isn't the first internet company to consider developing its own cryptocurrency. Diem is a stablecoin developed by Meta Platforms Inc., previously Facebook, and Visa Inc. has permitted a stablecoin backed by the US dollar to settle a transaction with the network.

Photo: PayPal Is Considering Developing Its Own Stablecoin