Tech

PayPal confirms that it is exploring the launch of its own stablecoin


PayPal has been expanding its crypto business since open trading for all users in 2020. It allows US customers Payment procedures with cryptocurrencies and increase limit its crypto purchases over the past year. In the future, it may also offer a stablecoin of its own. Jose Fernandez da Ponte, SVP of crypto and digital currency at PayPal, confirmed Bloomberg that the online payment provider is “exploring a stablecoin.” He also said that the company will work closely with relevant regulators “if and when [it] search[s] to move forward.”

A developer named Steve Moser found hidden codes and images for a “PayPal Coin” in the company’s app and shared them with Bloomberg. Based on what he discovered, PayPal Coin will be backed by US dollars. It may also have the PayPal logo with two slashes above it, although that could change at the coin’s launch, if it sees the light of day. A spokesperson told the publication that the tidbits Moser unearthed in the app were leftovers from an internal hackathon of the company’s blockchain, cryptocurrency and digital currency division.

Stablecoins are cryptocurrencies backed by fiat currencies and are generally more stable than their decentralized counterparts. Meta (formerly Facebook) also has major crypto plans and is reportedly launching its own stablecoin-powered digital wallet called Diem. However, it faced opposition from regulators and launched a crypto wallet Novice instead, with the stablecoin known as Pax Dollar.

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