PayPal Confirms It’s Investigating Launching Its Own Stablecoin

PayPal has expanded its cryptocurrency business since it opened trading to all users in 2020. It enabled US customers to settle with cryptocurrency and increased the limit for buying crypto in the past year. In the future, it may also offer its own stablecoin. 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 the company will work closely with relevant regulators “if and when” [it] Search[s] moving forward.”

A developer named Steve Moser found hidden code and images for a “PayPal Coin” in the company’s app and shared it with Bloomberg. Based on what he discovered, the PayPal currency is backed by the US dollar. It may also feature the PayPal logo with two horizontal slashes across it, although that may change upon the coin’s launch, if it sees the light of day. A spokesperson told the publication that the tidbits Moser dug up in the app were remnants of an internal hackathon by the company’s blockchain, crypto and digital currency divisions.

Stablecoins are cryptocurrencies backed by fiat currencies and tend to be more stable than their decentralized counterparts. Meta (formerly Facebook) also has big crypto plans and is set to launch a digital wallet that supports its own stablecoin called Diem. However, it faced pushback from regulators and instead launched the cryptocurrency wallet Novi with the stablecoin, the Pax Dollar.

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