American fintech giant PayPal Holdings allegedly confirmed his intention to launch his own stablecoin called PayPal Coin. Signs of the development of custom stable coins were first discovered in the source code of the PayPal application for iPhone developer Steve Moser.
Another stablecoin served by PayPal?
Jose Fernandez da Ponte, PayPal’s GMP for crypto and digital currencies, spoke to Bloomberg News about the evidence found in the PayPal application.
“We are researching a variant of our own stablecoin; We will, of course, work closely with the relevant regulators on possible next steps. “
Moser’s findings revealed that PayPal was working to create a PayPal Coin coin that would be covered US dollar. However, a PayPal spokesman said the source code for the iPhone had been developed as part of a recent hackathon.
PayPal’s digital asset is in preparation, so it is likely that the name, logo and features of the internal token may change significantly before being launched. To support ongoing development, PayPal has previously launched new features that allow users to buy, hold and pay with digital coins.
In an interview in November 2021, da Ponte also pointed out that PayPal “had not yet seen a stablecoin that would be purpose-built for payments.” According to him, stablecoin should support payments on a large scale and at the same time ensure network security, he added:
“The regulatory rules, frameworks and type of licenses needed in this area would need to be clear.”
In addition to launching its own stablecoin, PayPal has also taken active steps to expand cryptocurrency services in jurisdictions outside the United States.
In September 2021, the company announced the introduction of new bitcoin trading services for the British market. Customers can trade major cryptocurrencies including Bitcoin (BTC), Etherea (ETH), Litecoinu (LTC) a Bitcoinu Cash (BCH).
Conclusion
Stable coins experienced the year 2021 stellar growth, which of course arouses the interest of regulators. As you can see, the interest in stablecoins and the demand for clear rules is also on the part of big players. I am convinced that interest in them will increase even more this year.
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