Bloomberg first reported that PayPal is looking into the possibility of launching its own stablecoin PayPal coin. The details of the stablecoin were accidentally spotted on the company’s iPhone by developer Steve Moser and shared with Bloomberg. Hidden codes and images reveal details of a “PayPal coin”. In addition, the tokens suggest that the US dollar will support the stablecoin, Bloomberg noted in its report.

PayPal will launch its own cryptocurrency – PayPal Coin?

PayPal has been very active in the crypto space and has also increased the limit on cryptocurrencies that their customers can buy and invest in educating users about cryptocurrencies. In addition, it has also enabled its customer base to securely withdraw their cryptos into third-party wallets.

American fintech giant PayPal has reportedly confirmed its intention to launch its own stablecoin called PayPal Coin.

The development of an in-house stablecoin was first discovered in the source code of the PayPal iPhone app from developer Steve Moser.

However, it remains unclear how close PayPal is to the actual introduction of the PayPal coin. As reported by Bloomberg, this is what Fernandez Da Ponte, PayPal’s Senior Director of Cryptocurrency, said “A real stabilizing purpose for the payments has yet to be established.”

He added that “The right stablecoin should support large-scale payments and be secure.” According to the report, PayPal also needs “regulatory clarity, the regulatory framework and the type of license required”.

Over Paypal

PayPal Holdings Inc. (PYPL) is a US financial technology company that operates a global online payments system. This platform enables users to send, receive and make payments online.

Founded in 1998, PayPal Holdings Inc. is listed on the NASDAQ and reported sales of $ 21.45 billion in 2020.

In response to the increasing use of cryptocurrencies, PayPal entered the crypto space in late 2020. PayPal has over 377 million users worldwide. Nevertheless, 7 years passed from the idea to the product.

After PayPal’s successful foray into the crypto space, it may be less time for PayPal’s stablecoin to become a virtual reality.

Yesterday came the news that PayPal is planning to launch its own PayPal coin with US dollar support. The report notes that “evidence of PayPal’s research into building its own stablecoin was first found by developer Steve Moser in the company’s iPhone app.”

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