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 on the PayPal app, Jose Fernandez da Ponte, PayPal’s SVP of Cryptocurrencies and Cryptocurrencies, said:
“We are exploring a stablecoin; if and as we look to move forward, we will, of course, work closely with the relevant regulators.”
The PayPal Coin logo is found inside the PayPal app. Source: App PayPal
Moser’s disclosure shows that PayPal is in the process of building a PayPal Coin, backed by the US dollar. However, a PayPal spokesperson clarified that the source code for the iPhone app was developed during a recent hackathon.
While PayPal’s digital assets are being created, the name, logo, and features of the internal token may change prior to launch. Supporting the ongoing development, PayPal has previously offered new features that allow users to buy, hold, and pay with digital currency.
da Ponte also pointed out in an interview from November 2021 that PayPal “has not seen a stablecoin built for payments.” According to him, a stablecoin should support payments on a large scale while ensuring the security of the network, adding that:
“There will have to be clarity on the regulation, regulatory frameworks and types of licenses needed in this area.”
In addition to launching its own stablecoin, PayPal has also taken proactive measures to popularize crypto-related services in non-US jurisdictions.
In September 2021, the company announced the rollout of new Bitcoin trading services to the UK market with cryptocurrencies available for trading including Bitcoin, Ether, Litecoin and Bitcoin Cash.
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