PayPal Confirms it’s Planning to Launch its own Stablecoin

This news is really big … Paypal already has over 360 million active users. Imagine everyone on its platform using Paypal’s own stablecoin. I’m all for it!

Taken from Engadget … PayPal has been expanding its cryptocurrency business since it opened trading to all users in 2020. It allowed US customers to check out with cryptocurrency and increased its crypto buy limit over the past year. In the future, it might also offer a stablecoin of its own. Jose Fernandez da Ponte, SVP of crypto and digital currencies at PayPal, has confirmed to 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] seek[s] to move forward.”

A developer named Steve Moser found hidden code and images for a “PayPal Coin” in the company’s app and shared them with Bloomberg. Based on what he discovered, the PayPal Coin will be backed by the US dollar. It may also feature the PayPal logo with two horizontal slashes across it, though that may change upon the coin’s launch, if it does see the light of day. A spokesperson told the publication that the tidbits Moser unearthed in the app were leftovers from an internal hackathon by the company’s blockchain, crypto and digital currencies division.

Source: Engadget

 

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