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According to reports, Paypal is developing a stable currency backed by the U.S. dollar to expand its cryptocurrency products. “Of course we will work closely with relevant regulatory agencies,” the company emphasized.
Paypal is exploring the launch of its own dollar-backed stablecoin
According to a Bloomberg report on Friday, it is reported that Paypal Holdings Inc. is exploring the launch of its own stablecoin backed by the U.S. dollar as part of the company’s push for cryptocurrency.
Jose Fernandez da Ponte, Senior Vice President of Encryption and Digital Currency at Paypal, confirmed to the publication:
We are exploring a stable currency; if we seek to move forward, we will of course work closely with relevant regulatory agencies.
The evidence of Paypal stablecoin was first discovered by developer Steve Moser, who shared his findings with the news media. He noticed that the hidden codes and images in the Paypal application showed the work of “Paypal coins” backed by U.S. dollars.
A Paypal spokeswoman explained that the images and codes in the Paypal application came from a recent internal hackathon. This means that the final logo, name, and function of the stablecoin may be different from what is currently displayed in the code.
Fernandez da Ponte recently stated on the Unchained podcast that Paypal “has not seen a stable currency specifically for payment,” the publication said.
He pointed out that stablecoins need to support large-scale payments and provide security for the use of payment giants. He believes:
The regulation, the regulatory framework, and the type of permits required in the field must be clear.
What do you think of Paypal’s launch of its own stablecoin? Please let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wikimedia Commons
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