According to a recent report by Bloomberg, leading payments firm PayPal could be getting more invested in the world of cryptocurrencies, looking to launch its very own stablecoin. The payments giant has plans to coordinate with regulators on the crypto token before releasing it to the world.

Dubbed PayPal Coin, the stablecoin would most likely be backed by the US dollar and can be used to conduct various digital transactions in a decentralized, secure, fast and cost effective manner. Developers have come across information about this stablecoin on the PayPal app, including images and its name.

Pegged to fiat currencies but enjoying all the benefits of digital currencies, the use of stablecoins has been on the rise lately, especially since the come without the risk of high volatility. Unlike market leaders such as Bitcoin, Ethereum and other cryptocurrencies, the value of stablecoins remains largely unchanged despite high levels of fluctuations in prices across the board.

This isn’t the first time there has been a mention of PayPal’s interest in stablecoins. At a hackathon held not too long ago, engineers explored new possible solutions and functionalities which the firm could roll out to its users and this was one area of interest at the event.

Senior vice president of crypto and digital currencies at PayPal, Jose Fernandez da Ponte, remarked to Bloomberg, “We are exploring a stablecoin; if and when we seek to move forward, we will, of course, work closely with relevant regulators. There would have to be clarity on the regulation, the regulatory frameworks, and the type of licenses that are needed in this space.”