PayPal Offered Confirmation For Plans to Design Its New Stablecoin

By Shannon Wilson | January 10, 2022

US-based fintech heavyweight PayPal Holdings has reportedly publicly revealed its confirmation regarding the plan to introduce its self-developed stablecoin named PayPal Coin. 

The design of an in-house stablecoin was reportedly uncovered initially via the source code of Paypal’s iPhone app by developer Steve Moser.

“We are exploring a stablecoin; if and when we seek to move forward, we will, of course, work closely with relevant regulators.” Jose Fernandez da Ponte, PayPal’s senior vice president of crypto and digital currencies, reportedly offered confirmation of the legitimacy for the information found on the PayPal app.

The evidence Moser came across reportedly revealed details of a project being carried out by PayPal to design its PayPal Coin, which will receive the support from the United States dollar. 

However, a representative from Paypal reportedly provided further clarification, disclosing that the source codes of the iPhone application were developed in a hackathon organized not long ago.

While PayPal’s virtual asset is in the works at the moment, the name, logo and features of the in-house token will undergo adjustments before the official roll-out. 

In its attempt to back the ongoing development, PayPal has previously introduced new functionalities facilitating users to purchase, hold and pay with digital coins.

da Ponte had additionally noted via an interview last year that PayPal has “not yet seen a stablecoin out there that is purpose-built for payments”. Per his statement, a stablecoin should support payments at scale while making sure the security level of the network is still satisfied. 

“There would have to be clarity on the regulation, the regulatory frameworks, and the type of licenses that are needed in this space.”

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