Financial technology company PayPal Holdings, Inc. launched its own U.S. dollar-backed stablecoin on Monday.
The move shows PayPal is still betting big on the future of cryptocurrency, even amid the technology’s ongoing regulatory heat in the United States.
This marks also the first significant attempt by a major financial technology company to adopt cryptocurrency as a way to facilitate transfers and payments.
PayPal’s stock rose 2.66% on Monday as a result of the stablecoin launch.
