PayPal Holdings, an American fintech company, has confirmed that it will launch its own stablecoin called PayPal Coin. Steve Moser, a developer of the iPhone app Paypal, first discovered that an in-house stablecoin could be developed.
Jose Fernandez da Ponte (VP of digital currencies and crypto at PayPal), confirmed the evidence on the PayPal app.
“We are currently exploring stablecoins; if we decide to move forward, then we will work closely with regulators.”
PayPal Coin logo is found in the PayPal app. Source: PayPal iPhone App
Moser’s discovery revealed that PayPal is currently building PayPal Coin. This coin will be backed with the United States Dollar. A PayPal spokesperson confirmed that the source code for the iPhone app was created in a hackathon.
PayPal’s digital asset is still in development. However, the name, logo, and features of the token in-house are subject to change before launch. PayPal previously introduced new features to allow users to purchase, hold, and pay digital coins.
In an interview with da Ponte, he also stated that PayPal had “not yet seen any stablecoin out that is purpose-built to pay payments.”
“There should be clarity about the regulation, the regulatory frameworks and the types of licenses required in this space.
Related:PayPal launches crypto trading for UK customers
PayPal launched its own stablecoin and has taken proactive steps to distribute crypto-related services outside the U.S.
The company announced in September 2021 that it would be launching new Bitcoin trading services for UK customers. Cointelegraph reported that customers can trade major cryptocurrencies such as Bitcoin (BTC), Ether(ETH), Litecoin [LTC] and Bitcoin Cash (BCH).