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PayPal officially drops out of Facebook’s Libra project

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PayPal is leaving from Facebook's Libra stablecoin project, according to a report by The Wall Street Journal. 

A PayPal spokesperson told WSJ that the company “made the decision to forgo further participation," adding that it remains supportive of Libra's mission and will continue to explore how the two firms can work in the future.

On Thursday, The Financial Times reported that PayPal was the only firm of the 28 inaugural members of the Libra project that did not attend a key meeting in Washington to discuss how Libra would address increasing opposition from global regulators.

In addition to PayPal, Other payments giants - Visa, Mastercard, and Stripe - are also reportedly hesitating to officially sign on to the Libra project.
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