American financial technology giant PayPal Holdings has confirmed its intention to launch its own stablecoin called PayPal Coin.. The development of an internal stablecoin was first discovered in the source code of the Paypal iPhone application by developer Steve Moser.
Confirming the evidence found in the PayPal app, Jose Fernandez da Ponte, PayPal’s senior vice president of cryptocurrencies and digital currencies, told Bloomberg News:
“We are exploring a stable currency; if we look to move forward, of course, we will work closely with the relevant regulators. “
Moser’s finding found that PayPal is working on building PayPal Coin, which will be backed by the US dollar. However, a PayPal spokesperson clarified that the source codes for the iPhone app were developed at a recent hackathon.
While PayPal’s digital asset is in the works, the name, logo, and features of the internal token are subject to change prior to launch. To support ongoing development, PayPal has previously released new features that allow users to buy, hold, and pay with digital currencies.
da Ponte had also noted in a November 2021 interview that PayPal “has yet to see a stablecoin that is designed specifically for payments.” According to him, a stablecoin should support large-scale payments while ensuring network security, adding:
“There should be clarity on the regulation, regulatory frameworks and the type of licenses that are needed in this space.”
In addition to launching its own stablecoin, PayPal has also taken proactive steps to spread cryptocurrency-related services in jurisdictions outside of the US.
In September 2021, The company announced the launch of new Bitcoin trading services for the UK market. As Cointelegraph reported, clients can trade major cryptocurrencies including (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
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