PayPal has hit pause on efforts to develop its ownstablecoin, according to a BloombergreportFriday.
The online payment provider reportedly halted its plans due to increased scrutiny ofcryptocurrenciesby regulators.
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PayPal says it’s “exploring” a stablecoin.
Last August, PayPal and Paxos said they wereworking on developing crypto products.
The two have been partners inbringing cryptocurrency to PayPal since 2020.
Stablecoinsare different than cryptocurrencies such asbitcoin or ether.
