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.
Crypto News: PayPal is exploring the launch of its own stablecoin, the company told me and @jennysurane after @stevemoser found evidence of the work in PayPal’s own iPhone app. “PayPal Coin” would be tied to the U.S. dollar. Story here: https://t.co/jK4O0BZo0n pic.twitter.com/UWmYQhzxH6
— Mark Gurman (@markgurman) January 7, 2022
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.