Reportedly PayPal is working on its stablecoin to bring advancement in the payment system.
PayPal is a giant payment company. In the last couple of years, we saw how PayPal introduced its crypto assets buy sell hold features for its users and later they extended the limit of monthly buy and sell.
Now, PayPal is moving toward the next level with its crypto and blockchain inclined initiatives. PayPal will create its own crypto asset which will be stablecoin or we can say that will be private CBDCs that will be pegged by real US dollars.
Developer Steve Moser first noted that the source code of the PayPal iPhone app has some details about the plans of PayPal to launch its coin, PayPal Coin.
To confirm this evidence found by the developer, Bloomberg confirmed that Jose Fernandez da Ponte, PayPal’s SVP of crypto and digital currencies, said that PayPal is working to bring its stablecoin to move forward but under compliance.
“We are exploring a stablecoin; if and when we seek to move forward, we will, of course, work closely with relevant regulators.”
This matter was hidden but now as everything is open, a spokesperson from PayPal confirmed that it was created during a recent hackathon for the iPhone app but before the launch, there are huge chances that the Company will change the logo and name of the stablecoins.
In November 2021, during an interview, da Ponte hinted that they may create their stablecoin. He said that there is no such Stablecoin in the market, which can be used for payments.
“(I have) not yet seen a stablecoin out there that is purpose-built for payments.”
He also said that payment should be done through Stablecoin but with very high security of the network. And also that network should have a license for the same.
“There would have to be clarity on the regulation, the regulatory frameworks, and the type of licenses that are needed in this space.”