- PayPal is on the way to developing its own stablecoin.
- PayPal has hidden codes and images in the PayPal application that could give us an idea of what its final version could look like.
In the crypto ecosystem, not everything goes up and down at a voracious rate, some currencies remain stable and in them parity rules, usually with the US dollar. These, stablecoins or stable coins, are key for the proper functioning of all the machinery within the ecosystem, that is why PayPal He has his eye on them and PayPal Coin could soon arrive.
According to different information, The online payment platform is working on creating its own stable currency backed by the US dollar and thus continue its process within the world of cryptocurrencies. It is worth noting that the company founded by Elon Musk, today the owner of Tesla and SpaceX, already allows the commercialization of digital assets in some countries of the world. It also provides the custody service, so its users can have Bitcoin in their PayPal wallet in some regions.
PayPal will work hand in hand with regulators
The company, far from hiding, communicated that its plans are true and that they are on the right track. The senior vice president of cryptocurrencies and digital currencies at the US company, José Fernández da Ponte stated that the company will work in collaboration with regulators for the creation of its cryptocurrency.
From PayPal they took note of previous cases, such as Facebook, which announced the launch of a digital currency and then a stable one to finally not continue with these projects.
Before the launch, Fernández da Ponte clarified that the company wants to clear up some doubts regarding the current regulations.
“There should be clarity on the regulation, regulatory frameworks and the type of licenses that are needed in this space”Communicated the senior vice president of cryptocurrencies and digital currencies.
PayPal code exposed
The information on PayPal’s work was leaked by developer Steve Moser, who noticed “hidden codes and images in the PayPal application” that accounted for the new procedures. Fernández da Ponte showed no problems in confirming Moser’s scoop.
From PayPal they explained that the images and the code within the application are part of an internal hackathon. “This means that the logo, the name and the final characteristics of the stablecoin could be different from what is currently shown in the code.o “, revealed News Bitcoin.
As mentioned above, stablecoins make up a very important leg within the crypto scheme and their value can be seen in the market capitalization of the 100 most important assets in the world, since of the 100, seven correspond to stablecoins.
The three most important and recognized stablecoins in the market are: Tether (USDT), with a valuation of more than $ 78 billion; USD Coin (USDC), with just over $ 43 billion, and Binance USD (BUSD), which has $ 14 billion. All three together are worth 17% of Bitcoin.
PayPal is a payment platform that, like Visa and MasterCard, takes the reality of digital assets very seriously and works to include them within its services. All three companies are aware that the future will be closer to cryptocurrencies than to the old forms of commercialization.
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