PayPal Confirms Plan to Launch Stablecoin

American financial technology giant PayPal Holdings has confirmed its intention to launch its own stablecoin called PayPal Coin. The development of the in-house stablecoin was first revealed in the source code of the PayPal iOS app by developer Steve Moser.

Confirmation of proof in the PayPal app, Jose Fernandez da Ponte, PayPal’s SVP of Cryptocurrencies and Cryptocurrencies, said:

“We’re investigating a stablecoin; If we want to develop further, we will of course work closely with the relevant supervisory authorities. “

The PayPal Coin logo can be found in the PayPal app. Source: PayPal app

Moser’s revelation shows that PayPal is in the process of building a PayPal coin backed by the US dollar. However, a PayPal spokesperson made it clear that the source code for the iPhone app was recently developed during a hackathon.

While the digital assets are being created by PayPal, the name, logo, and functions of the internal token may change prior to launch. To support ongoing development, PayPal previously offered new features that allow users to buy, hold, and pay using digital currency.

da Ponte also pointed out in an interview from November 2021 that PayPal “has not yet built a stablecoin for payments”. According to him, a stablecoin should support large-scale payments while maintaining the security of the network, adding that:

“There needs to be clarity about the regulation, the regulatory framework and the types of licenses that are needed in this area.”

In addition to launching its own stablecoin, PayPal has taken proactive steps to promote crypto-related services in non-US jurisdictions.

In September 2021, the company announced the launch of new Bitcoin trading services in the UK market with cryptocurrencies available for trading including Bitcoin, Ether, Litecoin and Bitcoin Cash.

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Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.