Paypal Plans To Launch Its Own Stablecoin
PayPal Holdings Inc. is exploring the launch of its own stablecoin as part of its cryptocurrency push, according to the company, which confirmed the development after evidence of the move was discovered inside its iPhone app.
“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators. ”— Jose Fernandez da Ponte, Senior Vice President of Crypto and Digital Currencies at PayPal
Evidence of the company’s exploration into building a stablecoin was first discovered in PayPal’s app by developer Steve Moser and shared with Bloomberg News. Hidden code and images show work on what is dubbed a “PayPal Coin.” The code indicates such a coin would be backed by the U.S. dollar.
PayPal has engaged in a major cryptocurrency effort in recent months, launching new features to buy and hold the digital coins as well as the ability to pay for purchases using the monies.
ABOUT PAYPAL
PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper methods such as checks and money orders.
