The Coindesk\u00a0has confirmed that PayPal (PYPL) is all set to launch its stable coin as it is trying to flex its muscles in the Cryptocurrency market. The PayPal subsidiary Curv has been preparing the ground for the launch of the stablecoin since September. Bloomberg first reported that PayPal is exploring the possibility of launching its very own stablecoin. The details of the stable coin were accidentally discovered in the company\u2019s iPhone by developer Steve Moser and shared with Bloomberg. Hidden code and images revealed details of a \u2018PayPal Coin.\u2019 In addition, the codes showed that the U.S. dollar would back the stable coin, Bloomberg noted in its report. PayPal has been very active in the cryptocurrency arena and has also increased the limits of crypto its customers can purchase and investing in educating its users on crypto. In addition, it has also allowed its client base to withdraw its crypto safely to third-party wallets. American fintech giant #PayPal has reportedly confirmed its intent to launch its own #stablecoin named PayPal Coin. The development of an in-house stablecoin was first discovered in the source code of Paypal\u2019s iPhone app by developer Steve Moser. @PayPal #cryptocurrency pic.twitter.com\/RrLfnKnEui \u2014 Crypto News \u2741 (@nftcryptofam) January 8, 2022 PayPal trivializes the hidden code in iPhone However, PayPal\u2019s spokesperson has tried to trivialize the issue and said it was hemmed from a recent internal hackathon. A hackathon is an event that envisages engineers\u2019 team up quickly to explore and build new products that may never see a public release. PayPal is one of the biggest global e-commerce payment platforms. It came into existence in 1998 and was founded by Peter Thiel, Luke Nosek, and Max Levchin. Originally known as \u201cConfinity Inc.\u201d Later it merged with dogecoin proponent Elon Musk\u2019s online banking company \u201cX.com\u201d in 2000 and rebranded to \u201cPayPal\u201d a year later. In 2002 it was acquired by online marketplace giant eBay for $1.5 billion and became the default payment method for its 185 million users. In 2015 detached itself from its parent company and became a separate publicly-traded company using the same PYPL ticker symbol it had before the eBay acquisition. Today PayPal is the 54rh largest company globally and has more than 377 million users worldwide. It has a market cap of $282.58 billion. During Q4, 2020, the platform processed 3.47 billion transactions worth a combined value of $277 billion. The post PayPal Considering Launching Its Own Cryptocurrency, \u2018PayPal Coin\u2019 appeared first on CoinGape.