Tech

PayPal confirms it is exploring launch of its own stablecoin

PayPal has expanded its cryptocurrency business since opening the trade to all users in 2020. It has allowed US customers to pay with cryptocurrency and has increased its crypto purchase limit over the course of the last year. In the future, he might also offer his own stablecoin. Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at PayPal, confirmed Bloomberg that the online payment provider is “exploring a stablecoin”. He also said the company would work closely with relevant regulators “if and when [it] to look for[s] go forward. “

A named developer Steve moser found some hidden code and images for a “PayPal Coin” in the company’s app and shared them with Bloomberg. Based on what he found out, the PayPal coin will be backed by the US dollar. It may also feature the PayPal logo with two horizontal slashes, although this may change during the coin’s launch, if it ever sees the light of day. A spokesperson told the publication that the information Moser uncovered in the app was leftover from an internal hackathon by the company’s blockchain, crypto and digital currencies division.

Stablecoins are cryptocurrencies backed by fiat currencies and are generally more, well, more stable than their decentralized counterparts. Meta (formerly Facebook) also has big crypto projects and was supposed to launch a digital wallet supporting its own stablecoin called Diem. However, he was pushed back by regulators and launched the Novi cryptocurrency wallet with the stablecoin called Pax Dollar instead.

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