According to a Bloomberg report, PayPal’s ambitions to create its own stablecoin have been put on hold.
The Online payment service provider postponed its plans as a result of increased regulatory scrutiny of cryptocurrencies, said the report. This involves a probe being conducted by the New York Department of Financial Services investigating PayPal and stablecoin issuer Paxos Trust Company.
According to PayPal, it is “exploring” a stablecoin. A spokesman said on Friday that “if and when we wish to move forward, we will of course, engage with with relevant regulators.”
