PayPal Holdings, an American fintech behemoth, has apparently confirmed its intention to establish its own stablecoin, PayPal Coin. Developer Steve Moser first spotted the construction of an in-house stablecoin in the source code of Paypal’s iPhone app.
Jose Fernandez da Ponte, PayPal’s SVP of crypto and digital currencies, confirmed the evidence seen on i app to Bloomberg News:
“We are exploring a stablecoin; if and when we seek to move forward,”
“we will of course, work closely with relevant regulators.”
Moser’s discovery revealed that PayPal is developing PayPal Coin, a digital currency backed by the US dollar. However, a spokeswoman says that the iPhone application’s source code comes to play during a recent hackathon.
While PayPal’s digital asset is under development, the name, logo. Then, and functionality of the in-house token may change before it comes out. PayPal has previously note additional capabilities that allow customers to buy, retain. Then,and pay with digital tokens as part of the continuous development.
In a November 2021 interview, da Ponte also stated that it has
“not yet seen a stablecoin out there that is purpose-built for payments.”
According to him, a stablecoin should be able to enable large-scale payments while also assuring security.
“There would have to be clarity on the regulation, the regulatory frameworks, and the type of licenses that are needed in this space.”
PayPal has taken proactive attempts to promote crypto-related services outside of the United States, in addition to introducing its own stablecoin.
The business announced the launch of new Bitcoin trading services for the UK market in September 2021. Customers can trade key cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash, according to Cointelegraph (BCH).