PayPal is exploring the idea of launching its own stablecoin. Like Meta before it, this will require regulatory approval.
Mobile payment giant PayPal couldn’t stand aside in the face of the rise of cryptocurrencies. The company has been steadily moving in this direction since it opened trading to all users in 2020. This allows US customers to pay with cryptocurrencies and increase the limit of payments in cryptocurrencies during the last year.
PayPal is exploring the idea of launching its own stablecoin
In the future, the platform may also have its own stablecoin. José Fernandez da Ponte, PayPal’s vice president of cryptocurrencies and digital currencies, confirmed to Bloomberg that the online payment provider is “exploring stablecoins.”The person also said the company would work with regulators “if and when they’re ready to move forward.”
Like Meta before it, regulatory approval will be required.
A developer named Steve Moser discovered the code and images of “PayPal Coin”in the company’s app, the information was shared with Bloomberg. According to his findings, the PayPal coin is pegged to the US dollar. It may also have a PayPal logo with two horizontal stripes crossing it, though that visual could change when the time comes if it actually sees the light of day. A spokesperson told the media that Steve Moser’s findings were just the remnants of an internal hackathon on blockchain, cryptocurrencies and digital currencies.
Stablecoins are cryptocurrencies indexed to fiat currencies. They are usually much more stable than decentralized wedges. Meta – formerly Facebook – has big plans for cryptocurrencies and was supposed to launch a digital wallet that would support its own stablecoin called Diem. At the same time, regulators have largely held back the project. Instead, the American giant launched a wallet called Novi with a stablecoin that answers to the Pax Dollar name.