PayPal confirms interest in introducing its own stablecoin

PayPal confirms interest in introducing its own stablecoin

The largest international electronic debit payment system PayPal is examining the possibility of launching a stablecoin (a virtual token whose price can be linked to the value of other cryptocurrencies, physical assets or fiat currencies).

Image source: Pixabay

Image source: Pixabay

Jose Fernandez da Ponte, Senior Vice President, Cryptocurrencies and Digital Currencies, PayPal, has confirmed to Bloomberg that the online payment provider “Study stablecoin”… He added that the company will work closely with the relevant regulatory authorities, “If and when [она] will strive to go in that direction “

Developer Steve Moser discovered the hidden code and images of the PayPal coin token in the company’s application and told Bloomberg about it. Based on the information in the code, PayPal Coin is matched with USD. It can also display the PayPal logo with two horizontal slashes, although that can change until the token is released.

A company spokesman told Bloomberg that the fragments that Moser discovered in the app were left behind after an internal hackathon by the blockchain, cryptocurrency and digital currencies division.

PayPal debuted in the cryptocurrency market in 2020, giving customers the ability to buy, sell, and store bitcoins and other virtual coins using its online wallets. And in 2021, its customers also got the option to pay for purchases with cryptocurrency.

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Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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