PayPal, one of America’s leading fintech giants, has reportedly announced its intention of launching its own stablecoin. The development of an in-house stablecoin was first hinted at in the source code of the iPhone app of this fintech giant by Steve Moser, the developer.
After solidifying that the evidence was indeed something found on the main app, the SVP of crypto and digital currencies for the company, Jose Fernandez da Ponte, informed Bloomberg News that the company was currently exploring stablecoin, and if they do intend to move forward, they would be working very closely with regulators who were relevant.
PayPal has decided To create its own Stablecoin
The findings of Moser did uncover that PayPal was in the works of creating a coin, which would definitely be backed by the USD. However, a spokesperson from the company stated that the source codes found in the iPhone application were created in a recent hackathon. While the digital asset of this company is currently in the works, the name, the logo, and the features of the in-house token have been quite a vociferous subject to change before they get launched.
Supporting the development that is ongoing, the company has also launched a multitude of new features that would allow their users to purchase, hold, or even pay with digital coins.
PayPal’s da Ponte recently pointed out that the company had not yet been seen taking a stablecoin out there that was built purposefully to create and make payments. According to him, a stablecoin should definitely support payments at a scale that would ensure the security of the aforementioned network, adding that there definitely needs to be some form of clarity on the regulatory frameworks that would be needed in this particular space.
Along with creating their own stablecoin, PayPal has also taken quite a few measures to spread crypto-related services in jurisdictions out of the United States.