Bloomberg reports that PayPal has halted development on its stablecoin just weeks before it had planned to unveil the project.
After a developer by the name of Steve Moser discovered hidden code and images in the company’s iPhone app in January of last year, the company first disclosed that it was looking into a potential PayPal Coin.
However, Bloomberg reports that it has now halted the project. According to a spokesman, the business is “exploring a stablecoin” and, if it moves forward, will “work closely with regulators.”
The break occurs as Paxos Trust, PayPal’s project partner, contends with a New York State Department of Financial Services investigation.
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