PayPal confirms it is researching the publication of its own stablecoin
PayPal has been expanding its digital currency business since it opened trading to all consumers in 2022. It allowed U.S. buyers to explore with digital currency and increased the crypto purchase rate over the past year. In the future, it may also offer its own stable base. Jose Fernandez da Ponte, SVP of crypto and digital currencies at PayPal, has confirmed that Bloomberg that the online payment provider is "reviewing stablecoin." He added that the company will work closely with relevant regulators “if and when [it] shireadh[s] to move on. "
A developer named Steve Moser found a hidden code and images for "PayPal Coin" in the company's app and shared it with them Bloomberg. Based on its findings, PayPal Coin is backed by US dollars. It may also display the PayPal logo with two horizontal slots over it, although that may change when the coin is launched, if it sees the light of day. A spokesman told the publication that the tidbits found by Moser in the app were remnants of an internal hackathon with the company's blockchain, crypto currency and digital currency division.
Stablecoins are digital currencies backed by fiat currencies and are generally more stable than their decentralized counterparts. Meta (formerly Facebook) also has big crypto plans, and was supposed to launch a digital wallet that will support its own stable called Diem. However, he withdrew back from regulators and launched the Novi cryptocurrency wallet with the stable known as the Pax Dollar in its place.
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