PayPal is Launching Own Stablecoin

PayPal, a well-known international financial technology corporation, has reportedly expressed interest in “exploring” the possibility of developing its own stablecoin, which is a cryptocurrency tied to the value of fiat money or a reserve asset such as gold, silver, or other precious metals. Developer Steve Moser noticed references to “PayPal Coin” within the company’s iOS app, which also included PayPal’s logo. Stablecoins have increased in popularity as a way to simplify transfers between exchanges and the usage of crypto in everyday business.

According to a report by Bloomberg, PayPal senior vice president of crypto and digital currencies Jose Fernandez da Ponte has validated Moser’s findings.

“We’re looking towards a stablecoin,” Fernandez da Ponte told Bloomberg. “Of course, we will cooperate closely with applicable regulators if and when we seek to move forward.” However, a corporate representative added that the code Moser discovered was the result of a hackathon and hence should not be deemed final.

PayPal began supporting the purchase of specific cryptocurrencies in late 2020, and added a “Checkout with Crypto” option in early 2021, allowing customers to make purchases using their digital assets.

Bitcoin, Bitcoin Cash, Litecoin, and Ether are the only cryptocurrencies that the company now supports. However, according to Moser, PayPal’s app also disclosed that it is trying to support the Neo cryptocurrency and is considering launching its own stablecoin.

PayPal announced plans for a distinct business unit for its crypto goals during an earnings call last year, which included working with regulators outside of the US market to accept new types of digital currency.

According to PayPal, the platform has approximately 375 million daily active users and 30 million merchants. While there is no price for holding cryptocurrencies, customers will be charged for transactions and currency exchanges.

Apart from this, you can also read EntertainmentTech, and Health-related articles here: SmallPDFDramacoolSquid Game Season 2Joe Biden net worthCrackstreamThe Matrix 4GokuKung Fu Panda 4Leonardo DiCaprio net worthDiabolik Lovers Season 3Twitch Error 2000Alyson HanniganBrent Rivera net worthEmma Watson net worth444 angel number666 angel number1616 angel number777 angel number333 angel numberDave Portnoy net worthMessi net worthKeanu Reeves net worthThe Equalizer 3The 100 Season 8Gina Carano net worthBruno Mars net worthKissAnimeJim Carrey net worthPDF DriveYoutbeBailey Sarian Net WorthBollyshareAfdahMoviezwapY8JalshamoviezProject Free TVKissasianMangagoJio RockersM4uHDHip dipsM4ufreeNBAstreams XYZCCleaner Browser reviewAvocado CaloriesBear Grylls net worthHighest Paid CEOThe 100 season 8Sundar Pichai net worthGrimes net worth, and, F95Zone.


USC Shaken by Sexual Assault Lawsuit Against C.W. Park [Detail Story]

USC is embattled with C.W. Park’s billion-dollar lawsuit over...

George Santos Faces Mounting Pressure to Resign from Congress

Congressman George Santos, a Republican from embattled New York,...

List of Top 20 Highest-Paid Authors in 2023 [Including Net Worth and Earnings]

The publishing industry has always been an exciting field,...

The Chameleon Eyes of Taylor Swift: How Her Eye Color Changes?

Do you find yourself wondering what Taylor Swift's eye...

Top 20 Richest Football Club Owners in the World

Football clubs around the world are often centers of...