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PayPal is reportedly considering the release of its own stablecoin

Could PayPal really unveil its own crypto soon? (Source: PayPal)
Could PayPal really unveil its own crypto soon? (Source: PayPal)
PayPal has indicated to the media that it is currently "exploring" the prospect of its very own stablecoin (a form of cryptocurrency pegged to the value of fiat or a commodity standard). This announcement follows the discovery of code to this effect allegedly discovered by a developer in one of the major payment service's mobile apps.

The developer Steve Moser has reportedly found code allegedly outlining PayPal's plan to roll its very own stablecoin out in the future. This discovery, made in the course of a hackathon of the service's iOS app, was shortly followed by an official statement made by the company's senior vice president of digital currencies, Jose Fernandez da Ponte, to Bloomberg reporters.

Ponte apparently confirmed that the payments giant is indeed "exploring" the idea of its own form of cryptocurrency. According to Moser's findings, this "PayPal Coin" has its own logo and possibly even its own symbol already.

The executive also indicated that this project is in very early stages at PayPal, and that the company will "of course, work closely with relevant regulators" should its Coin get to a stage where it becomes of note to such bodies.

Accordingly, there is no solid information on the possible use-cases of PayPal Coin at this point. Its potential issuer does allow access to the cryptocurrency market already (to a certain extent), and allows transactions (sort of) in some of these alternative payment methods at present; therefore, a native stablecoin might be a next step in this adoption.

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PayPal Coin's logo(?). (Source: CoinTelegraph)
PayPal Coin's logo(?). (Source: CoinTelegraph)
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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2022 01 > PayPal is reportedly considering the release of its own stablecoin
Deirdre O'Donnell, 2022-01- 8 (Update: 2022-01- 8)