PayPal is reportedly planning to launch its own stablecoin as part of a strategy to take advantage of crypto adoption.
PayPal Senior Vice President and General Manager of Blockchain, Cryptocurrencies, and Cryptocurrencies, Jose Fernandez da Ponte, confirmed told Bloomberg that the payments giant is considering having its own regulated stablecoin.
“We are exploring a stablecoin; if and when we seek to proceed, we will of course work closely with the relevant regulatorS.”
Fernandez da Ponte’s announcement comes after iOS developer Steve Moser discovered sections in the source code of the PayPal iPhone app that suggest the company may be developing a stable currency called “PayPal”. Coins”.
A PayPal spokesperson said that the images and code inside the app are from a hackathon in the company’s blockchain, cryptocurrency and digital currency division. As a result, the coin’s logo, name, and features may still change before the crypto asset is released to the public.
Fernandez da Ponte speak in November that PayPal failed to find a stablecoin built for payments. At the time, he said that PayPal was looking at two things before releasing its own stablecoin.
“Technology at the ready and especially in terms of security, throughput and scalability is one aspect. Another aspect is regulation with clarity”.
Tithi Luadthong