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Tuesday, May 24, 2022

PayPal Stablecoin And What It Could Imply For Payments

PayPal stablecoin recently confirmed on the 8th of January that it was exploring the field of stablecoins and had added the name as its suffix. This came about after a developer found much evidence of such a stablecoin located within the source code of the app of the company’s iPhone.

Jose Fernandez da Ponte, the Senior Vice President of crypto and Digital currencies for Paypal, mentioned that if the company had any plans of moving forward with the stablecoin, it would be doing so while working quite closely with most of the relevant regulators. This approach could definitely help this fintech firm avoid the ire of most of the Senators of the country that led to the doom of the Diem cryptocurrency project of Meta. 

PayPal stablecoin Is Here To Stay

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The company went on to clarify that the source code that was found on the iPhone app was definitely developed in an internal hackathon. When Cointelegraph managed to contact PayPal to get to know more, a spokesperson did confirm that previous reporting without adding any form of commentary to it.

As it goes, the potential impact of a PayPal stablecoin in processing payments overall and in the industry of cryptocurrency is pretty hard to estimate. And although there have been some experts who see the move of the firm as extremely positive, others aren’t so sure. 

It is quite clear that a traditional finance company moving into the sector of cryptocurrency and launching a stablecoin differs quite a lot from a crypto-native firm launching a stablecoin- something PayPal stablecoin did. Most of the companies that deal in finance traditionally do serve users who haven’t necessarily dealt with cryptocurrency wallets or even the volatility that this space contains. 

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PayPal stablecoin would find itself with around 350 million active users and mostly lets users in the United Kingdom and the United States buy, sell, and hold most crypto tokens. 

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