PayPal to launch its own Stablecoin

PayPal is looking to launch its own Stablecoin soon. Let us find out more details of the Stablecoin’s expected release and the time of the launch

Introduction

PayPal Holdings, Inc, a US based FinTech company is looking forward to launch its own Stablecoin. This news was confirmed by the senior vice president of crypto and digital currencies at PayPal, Jose Fernandez da Ponte, in a statement he gave to the Bloomberg news. He said that “PayPal is exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators,”

This information was hidden to the general public. However, after the discovery of the hidden code from the iPhone app of PayPal, the company made this news public. Interestingly, PayPal’s iPhone app had a hidden code that revealed that a potential ‘PayPal Coin’ is in the works.

Stablecoins

A Stablecoin is a type of Cryptocurrency that is pegged to a currency of a country, usually the US dollar. Presently, Tether is the largest Stablecoin, based on its market cap. The PayPal coin will also be pegged to the US Dollar, that means the value of the coin will be $1.

How the information came out

The hidden code was discovered by developer Steve Moser. The code and the artwork reveals the development of the PayPal Coin. Additionally, the backing of the coin by US dollar was also seen from the code.

A spokesperson from PayPal said that the artwork and code from the PayPal app was revealed after a recent internal hackathon event. This implies that the logo, name and features can potentially be different in end result.

Recently, PayPal has put a lot of efforts in Cryptocurrencies. Fernandez da Ponte has recently revealed that PayPal has “not yet seen a stablecoin out there that is purpose-built for payments.” He added that for the company, a stablecoin s to support transactions at a large scale and have the security PayPal is famous for.

Conclusion

PayPal is looking to launch its own Stablecoin soon. Now this is the kind of news we all have been waiting for. Indeed this is something many people and Crypto investors were optimistically awaiting. Let’s see how long will the development of the coin will take.

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