PayPal, a well-known global financial technology company, has shown an interest in investigating the idea of developing its own stablecoin, PayPal Coin.
Steve Moser, the app developer for PayPal’s iPhone app, discovered the company’s intentions for introducing its stablecoin. He stumbled onto hidden code and pictures depicting a “PayPal Coin.” According to the code, the coin will be backed by US dollars.
According to the report, Jose Fernandez da Ponte, PayPal’s senior vice president for digital and cryptocurrency, says:
“We are exploring a stablecoin; if and when we decide to move forward, we will, of course, work in close connection with the appropriate regulators.”
PayPal has recently become heavily interested in bitcoin activities. In the second quarter of 2020, the fintech company began offering cryptocurrency purchases. The “Checkout using Crypto” option was released in the beginning of 2021, allowing customers to purchase things using their digital currency.
According to sources, PayPal CEO Jose Fernandez stated in an interview last November 2021 that the company has “not yet found any stablecoin expressly created for purpose-built transactions.”
“Stablecoin must be able to manage multiple payments on a big scale while ensuring network security,” he stated.
PayPal also unveiled plans to form a separate business unit dedicated to its crypto aims, which would include working with regulators outside of the US to encourage new digital currencies. Bitcoin, Bitcoin Cash, Litecoin, and Ether are among the cryptocurrencies that PayPal currently supports.