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According to reports, US financial technology giant PayPal Holdings has confirmed its intention to launch its own stablecoin called PayPal Coin. Developer Steve Moser discovered the development of internal stablecoins for the first time in the source code of Paypal’s iPhone application.
Jose Fernandez da Ponte, senior vice president of encryption and digital currency at PayPal, confirmed the evidence found on the PayPal app. Tell Bloomberg News:
“We are exploring a stablecoin; if we seek to move forward, we will of course work closely with relevant regulatory agencies.”
Moser’s discovery revealed that PayPal is building a PayPal Coin, which will be backed by U.S. dollars. However, a PayPal spokesperson clarified that the source code of the iPhone application was developed during a recent hackathon.
Although PayPal’s digital assets are in production, the names, logos, and functions of internal tokens may change before release. Support continuous development, PayPal has previously introduced new features Allow users to use digital currency to buy, hold, and pay.
da Ponte also pointed out interview Beginning in November 2021, PayPal “has not seen a stable currency specifically for payment.” According to him, stable currency should support large-scale payments while ensuring network security, adding:
“It is necessary to clarify the regulation, the regulatory framework, and the type of permits required in the field.”
related: PayPal completes the deployment of encrypted transactions for UK customers
In addition to launching its own stable currency, PayPal has also taken active measures to promote encryption-related services in jurisdictions outside the United States
In September 2021, the company announced the launch of a new Bitcoin trading service for the UK market. As reported by Cointelegraph, customers can trade major cryptocurrencies including Bitcoin (Bitcoin), ether (Ethereum), Litecoin (LTC) And Bitcoin Cash (Bitcoin cash).
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