Since opening bitcoin trading to all customers in 2020, PayPal has been developing its cryptocurrency business. It allowed US consumers to pay using cryptocurrencies. And it raised the amount of cryptocurrency it could acquire in the last year. It may potentially provide its own stablecoin in the future. PayPal’s SVP of crypto and digital currencies, Jose Fernandez da Ponte, revealed to Bloomberg that the company is “exploring a stablecoin.” He also stated that “if and when [it] seek[s] to go forward,” the corporation will engage closely with appropriate regulators.
PayPal has been slowly but steadily making inroads into the bitcoin business. It will let anyone to buy and sell crypto and perform transactions in 2020. Although it is presently only available in the United States.
PayPal’s senior vice president of crypto and digital currencies. Jose Fernandez da Ponte, told Bloomberg that the corporation is currently looking into the possibility of creating its own stablecoin.
Launch of stable coin of Paypal
Stablecoins are a type of digital money that is linked to the value of a redeemable stable reserve asset such as the dollar, rupee, or the price of a real commodity.
Steve Moser, a developer at the firm, discovered secret code and graphics for a “PayPal Coin” in the app and shared them with Bloomberg. The PayPal Coin will be backed by the US dollar, according to what he uncovered. It might also include the PayPal logo with two horizontal slashes across it. However that could alter after the coin is released, if it does. According to a spokeswoman for the company’s blockchain, crypto, and digital currencies division, the information Moser discovered in the software were remnants from an internal hackathon.
What is a stablecoin?
Stablecoins are fiat-backed cryptocurrencies that are often more stable than their decentralised equivalents. Meta (previously Facebook) also has significant crypto intentions, and was planning to introduce a digital wallet that would support its own stablecoin, Diem. However, due to regulatory opposition, it decided to offer the cryptocurrency wallet Novi instead, which uses the Pax Dollar stablecoin.