PayPal, the well-known global financial technology firm, has indicated the desire to explore the possibility of launching its own stablecoin called PayPal Coin.
PayPal’s intent as regards launching its stablecoin was uncovered through its iPhone application by its app developer Steve Moser. He discovered hidden code and images that showed a “PayPal Coin.” The code indicates that the coin will be backed by U.S. dollars.
The report confirms that PayPal’s senior vice president for digital and cryptocurrencies, Jose Fernandez da Ponte says;
“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators.”
PayPal has been very involved in cryptocurrency initiatives lately. The fintech company started providing purchases of various cryptocurrencies in the second quarter of 2020. At the beginning of 2021, the “Checkout using Crypto” feature was introduced, to enable customers to purchase items using their digital currency.
According to reports during an interview last year’s November 2021, Jose Fernandez pointed out that PayPal does “not yet encountered any stablecoin specifically designed for purpose-built transactions.
He said, “stablecoin needs to be able to handle multiple payments on a large scale while maintaining the security of the network”.
The digital payment provider also revealed plans to create an exclusive business unit dedicated to PayPal’s crypto goals, including cooperating with regulators outside of the U.S. market to support new digital currencies. PayPal’s current support for cryptocurrency includes; Bitcoin, Bitcoin Cash, Litecoin, and Ether.