PayPal confirmed that it is “exploring” the possibility of launching its own stablecoin, pegged to the value of the dollar.
This was confirmed by José Fernández da Ponte, vice president and general manager of Blockchain, Crypto and Digital Currencies at PayPal, to Bloomberg. He also noted that stablecoin must support large scale payments and have a high level of security.
As PC Mag explains, a developer named Steve Moser discovered the hidden code and images of the PayPal Coin token in the company’s iOS application and told Bloomberg about it. Based on the information in the code, PayPal Coin will be backed by USD. It may also display the PayPal logo with two horizontal slashes, although this may change by the time the token is released.
For PayPal to study the development of its own stablecoin is a logical move, especially for those who want to take their first steps in the world of cryptocurrencies. PayPal debuted in the cryptocurrency market in 2020, giving customers the ability to buy, sell and store bitcoins and other virtual coins using its online wallets. And in 2021, its customers also got the opportunity to pay for purchases using cryptocurrency. Apart from that, PayPal also promised to incorporate transfer cryptos to third-party wallets.