PayPal has confirmed its intention to create its own stablecoin. In particular, a developer has found traces of a dollar-backed “PayPal Coin” in the code of the American giant’s iPhone app.
Soon a PayPal Coin?
PayPal has confirmed its intention to launch its own stablecoin, which would be called “PayPal Coin”. The development of this project was discovered in the source code of its iPhone application by developer Steve Moser.
Confirming the evidence found in the app, Jose Fernandez da Ponte, head of cryptocurrencies at PayPal, told Bloomberg News:
“We are exploring the creation of a stablecoin (…) We will of course work closely with the relevant regulators.”
Steve Moser’s discovery found that the payments giant would have chosen to create a stablecoin backed by the dollar. However, Jose Fernandez da Ponte, clarified that the source codes for the iPhone app were developed during a recent internal hackathon. The name, logo and features of stablecoin are subject to change before launch.
If the revelations prove true, the launch of a stablecoin could accelerate the adoption of cryptocurrencies among PayPal’s 392 million users. As of May 2021, PayPal has reportedly already approached Ava Labs, the team behind the Avalanche blockchain (AVAX), to create its own stablecoin. The payments giant is also reportedly in talks with other companies in the industry.
The payments giant seems ambitious
Rumors have long circulated about PayPal’s ambitions when it comes to cryptocurrencies. The payments giant is looking to offer the most comprehensive service to its users.
Since the end of 2020, the company has allowed its US customers to buy, sell and store Bitcoin (BTC), Ether (ETH) and a few other crypto-currencies. A service that was opened to customers in the UK during 2021.
Finally, in August, an Irish media outlet claimed that PayPal had set up a team entirely dedicated to cryptocurrency that would be based in Dublin and Dundalk.
