Payments Giant Explores Launching Stablecoin to Boost Crypto Offerings – Featured Bitcoin News

Paypal is reportedly working on a stablecoin backed by the US dollar to expand its cryptocurrency offerings. “Of course, we will work closely with the relevant regulators,” the company emphasized.

Paypal is exploring the launch of its own USD-backed stablecoin

Paypal Holdings Inc. is reportedly exploring the launch of its own stablecoin backed by the US dollar as part of the company’s cryptocurrency push, Bloomberg reported Friday.

Jose Fernandez da Ponte, Senior Vice President of Cryptocurrencies and Digital Currencies at Paypal, confirmed to the publication:

We are exploring a stable currency; if we do seek to move forward, of course, we will work closely with the relevant regulators.

Evidence for Paypal’s stablecoin was first discovered by developer Steve Moser, who shared his findings with the news outlet. He noticed hidden codes and images in the Paypal application showing the work in the “Paypal currency” which is backed by the US dollar.

A Paypal spokeswoman explained that the images and code within the Paypal application are from a recent internal hackathon. This means that the logo, name, and final characteristics of the stablecoin could be different from what is currently displayed in the code.

Fernandez da Ponte recently said on the Unchained podcast that Paypal “has yet to see a stablecoin that is designed specifically for payments,” the publication relays.

Noting that a stablecoin would need to support payments at scale and have security for the payments giant’s use, he opined:

There should be clarity on the regulation, regulatory frameworks and the type of licenses that are needed in this space.

What do you think of Paypal launching its own stable currency? Let us know in the comment section.

Kevin helms

Austrian economics student Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

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