PayPal reportedly confirms plans to explore the launch of a stablecoin

Share This Post

The development of an in-house stablecoin was first discovered in the source code of Paypal’s iPhone app by developer Steve Moser.

American fintech giant PayPal Holdings has reportedly confirmed its intent to launch its own stablecoin named PayPal Coin. The development of an in-house stablecoin was first discovered in the source code of Paypal’s iPhone app by developer Steve Moser.

Confirming the evidence found on the PayPal app, Jose Fernandez da Ponte, PayPal’s SVP of crypto and digital currencies, told Bloomberg News:

“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators.”

PayPal Coin logo found inside of PayPal app. Source: PayPal iPhone app

Moser’s finding uncovered that PayPal is in the works of building PayPal Coin, which will be backed by the United States dollar. However, a PayPal spokesperson clarified that the source codes of the iPhone application were developed in a recent hackathon. 

While PayPal’s digital asset is in the making, the name, logo and features of the in-house token are subject to change prior to launch. Supporting the ongoing development, PayPal has previously launched new features that allow users to buy, hold and pay with digital coins.

da Ponte had also pointed out in an interview from November 2021 that PayPal has “not yet seen a stablecoin out there that is purpose-built for payments.” According to him, a stablecoin should support payments at scale while ensuring the security of the network, adding:

“There would have to be clarity on the regulation, the regulatory frameworks, and the type of licenses that are needed in this space.”

Related: PayPal completes crypto trading rollout for UK customers

In addition to launching its own stablecoin, PayPal has also taken proactive measures to spread crypto-related services in jurisdictions out of the U.S.

In September 2021, the company announced a rollout of new Bitcoin trading services for the UK market. As Cointelegraph reported, customers can trade major cryptocurrencies including Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).

Read Entire Article
spot_img

Related Posts

Understanding Notcoin: The Token Behind the Click-to-Mine Telegram Game

This week, the crypto community has been buzzing about a new token called notcoin (NOT), recently launched on The Open Network (TON) This token is tied to a game on Telegram where users earn NOT by

Solana Price Marches Toward $200, Why SOL Turned Attractive On Dips

Solana started a fresh increase above the $175 resistance SOL price is up nearly 10% and might continue to rise if it clears the $188 resistance SOL price jumped higher and tested the $188 resistance

David Bailey, CEO of Bitcoin Inc., Reflects on His Company’s Transformational Pivot to Bitcoin and More

David Bailey, CEO of Bitcoin Inc, took time out of running the Bitcoin Asia Conference in Hong Kong to sit down with Bitcoincom’s COO, Jason Sheman The conversation delved into the lessons learned

XRP Price Rises Within Range: Poised for a Breakout?

XRP price avoided a major downside break as ETH’s surges The price is back above $05220 and eyeing a key upside break in the near term XRP started a decent increase above the $05150 resistance zone

Sei Foundation Unveils ‘Parallelized’ EVM In v2 Upgrade, Driving 11% Spike In SEI’s Price

To increase the capabilities of its Layer 1 (L1) blockchain, the Sei Foundation has announced a governance proposal to upgrade Sei to Version 2 This proposed upgrade will reportedly introduce a

NY Attorney General Secures $2 Billion Settlement With Bankrupt Crypto Lender Genesis

New York Attorney General Letitia James has secured a $2 billion settlement with bankrupt cryptocurrency firms Genesis Global Capital, Genesis Asia Pacific, and Genesis Global Holdco The settlement,
- Advertisement -spot_img