PayPal is Launching Its Own Stablecoin

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PayPal has apparently acknowledged that a stablecoin is in the works. Within PayPal’s iOS app, a developer named Steve Moser discovered references to something called “PayPal Coin.” PayPal senior vice president of crypto and digital currency Jose Fernandez da Ponte corroborated Moser’s results when Bloomberg requested more information.

“We’re looking into a stablecoin,” Fernandez da Ponte told Bloomberg, “and if and when we decide to move forward, we’ll work closely with relevant regulators.” However, a business spokeswoman stated that the code Moser discovered was the result of a hackathon and hence should not be deemed final.

Over the previous few years, PayPal has gradually expanded its presence in the cryptocurrency sector. It began facilitating the purchase of some cryptocurrencies in late 2020, for example, and added the “Checkout with Crypto” option in March 2021, allowing customers to purchase items using their digital tokens.

Bitcoin, Bitcoin Cash, Litecoin, and Ethereum are the only cryptocurrencies that the company now supports. PayPal’s app, according to Moser, has disclosed that it is trying to support the Neo cryptocurrency as well as studying the idea of launching its own stablecoin.

In contrast to other digital currencies, the value of a stablecoin is backed by a specific item. A cryptocurrency like Bitcoin could be worth $47,000 one week and $42,000 the next; a stablecoin worth one gramme of gold one week will still be worth one gramme of gold the following week.

The majority of stablecoins are not backed by gold. USD Coin and Tether, for example, are backed by the US dollar. According to Bloomberg, PayPal Coin will be backed by the US dollar, making it easier for the regular PayPal user to utilize the digital money on a daily basis.

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