PayPal has been expanding its cryptocurrency business since it opened trading to all users in 2020. It has allowed US customers to verify crypto usage and has increased their crypto purchase limit over the past year. In the future, it may also offer its own stablecoin. Jose Fernandez da Ponte, Senior Vice President of Cryptocurrency and Digital at PayPal, confirmed that Bloomberg That the online payment provider “explores a stablecoin”. He also said the company would work closely with relevant regulators “if and when.” [it] Requests[s] Move forward.”
A developer named Steve Moser found a hidden code and images of “PayPal Coin” in the company’s app and shared them with Bloomberg. Based on what he found out, PayPal’s currency will be backed by US dollars. It may also have the PayPal logo with two horizontal slashes, although that may change when the coin is launched, if it doesn’t see the light of day. A spokesperson told the publication that the tidbits Moser discovered in the app were leftovers from an internal hackathon conducted by the company’s crypto, blockchain, and cryptocurrency division.
Stablecoins are cryptocurrencies that are backed by fiat currencies and are usually more stable than their decentralized counterparts. Meta (formerly Facebook) has big crypto plans too, and was supposed to launch a digital wallet that supports its own stablecoin called Diem. However, it faced opposition from regulators and launched its crypto wallet Novi with a stablecoin called Pax Dollar instead.
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