PayPal confirms development plans of exploring its in-house stablecoin
PayPal Holdings, the American fintech giant, has recently confirmed its plans of launching its own stablecoin dubbed as the PayPal Coin. The proposed development of this in-house stablecoin had first been discovered by developer Steve Moser in the source code of Paypal’s iPhone app.
SVP of Crypto and Digital currencies, Jose Fernandez da Ponte, has further confirmed the evidence that had been found on the PayPal app. He told Bloomberg News that they are in the process of exploring a stablecoin, and whenever they plan on moving forward with the idea, they would “work closely with relevant regulators.”
Moser’s finding has also uncovered that PayPal is midway building the PayPal Coin, which is going to be backed by the United States dollar. However, a spokesperson from the fintech firm has clarified that the source codes of the iPhone application had actually been developed in a recent hackathon.
While PayPal’s digital asset has been reported to be in the making, the name, logo and features of this in-house token are kept as subject to change prior to its official launch.
As a precursor to the ongoing development, PayPal had previously launched new features that enable its users of buying, holding and paying with digital coins.
Da Ponte had also said in an interview in November 2021 that PayPal hadn’t yet seen a stablecoin that looks “purpose-built for payments.”
According to him, a stablecoin should be efficiently able to support payments at scale while at the same time, ensuring the security of the network, adding. He added that there could have been more clarity on the crypto regulations, the industry’s regulatory frameworks, as well as the type of licenses that are required in the crypto space.
Apart from launching its own stablecoin, PayPal has also been taking proactive measures for spreading crypto-related offerings and services in many jurisdictions out of the US.
In September 2021, the company had announced a rollout of new Bitcoin trading services for its market in the United Kingdom. As per news reports, customers are now able to trade major cryptocurrencies including Bitcoin, Litecoin, Ether and Bitcoin Cash.
