PayPal Holdings, an American financial behemoth, has apparently announced 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 senior vice president of crypto and digital currencies, confirmed the evidence seen on the PayPal app, according to Bloomberg News. “We’re looking at a stablecoin; if and when we decide to move further, we’ll consult with relevant regulators.”
Moser’s discovery revealed that PayPal is developing PayPal Coin, a digital currency backed by the US dollar. However, a PayPal spokeswoman emphasized that the iPhone application’s source code was built during a recent hackathon.
While PayPal’s digital asset is in the works, the in-house token’s name, logo, and functionality are all susceptible to change before it is released. PayPal has already announced additional tools that allow customers to buy, retain, and pay using digital currency, demonstrating its commitment to the continued development.
In a November 2021 interview, da Ponte also stated that PayPal had “not yet seen a stablecoin out there that is purpose-built for payments.” “There would have to be clarity on the regulation, the regulatory frameworks, and the sort of licenses that are needed in this domain,” he says, adding that a stablecoin should facilitate payments at scale while preserving the network’s security.
PayPal has made 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 may trade key cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash, according to Cointelegraph (BCH).