Stablecoins, pegged to traditional currencies or commodities, have been the center of much discussion. Meta, for instance, had to abandon its plans for its stablecoin, Diem, due to regulatory concerns. Similarly, PayPal reportedly paused its stablecoin development due to heightened regulatory scrutiny. However, PayPal's foray into the crypto realm has been around for a while. In 2020, it became the pioneer online payment provider to offer U.S. customers cryptocurrency-related services. They could purchase, store, and trade them. In 2021, the company unveiled "Checkout with Crypto." This tool enabled users to make online purchases using Bitcoin. Additionally, PayPal started allowing users to transfer Bitcoin to other exchanges.