Payments giant explores Stablecoin launch to boost cryptocurrency offerings
Paypal is reportedly working on a US dollar backed stablecoin to expand its cryptocurrency offerings. “We will, of course, be working closely with relevant regulators,” the company said.
Paypal plans to launch its own USD-backed Stablecoin
Paypal Holdings Inc. is said to be exploring the launch of its own US dollar-backed stablecoin as part of the company’s cryptocurrency campaign, Bloomberg reported on Friday.
Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at Paypal, confirmed to the post:
We are exploring a stablecoin; if and when we seek to move forward, we will of course work closely with the regulators concerned.
Evidence of Paypal’s stablecoin was first spotted by developer Steve Moser, who shared his findings with the media. He noticed a code and images hidden in the Paypal app showing work on a âPaypal coinâ backed by the US dollar.
A spokesperson for Paypal explained that the images and code inside the Paypal app came from a recent internal hackathon. This means that the final logo, name and characteristics of the stablecoin could be different from what is currently displayed in the code.
Fernandez da Ponte recently said on the Unchained podcast that Paypal “has yet to see a stable coin specifically designed for payments,” the post said.
Noting that a stablecoin is expected to support large-scale payments and ensure the security of the payments giant’s use, he said:
The regulations, regulatory frameworks and type of licenses needed in this space should be clear.
What do you think of Paypal’s launch of its own stablecoin? Let us know in the comments section below.
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