PayPal in preparation to launch Stablecoin, the developer receives hints from the app

PayPal, a popular fintech company, is reportedly looking to launch its own stablecoin. This stable coin is a cryptocurrency that will be linked to the value of fiat or reserve assets such as gold, silver, etc. Plans to launch its own cryptocurrency began when developer Steve Moser spotted an option called “PayPal Coin” within the company’s iOS app, which also featured the PayPal logo.

PayPal in preparation to launch Stablecoin, the developer receives hints from the app

Quoting this reveal from Steve Moser, Bloomberg’s Report The disclosure was confirmed by José Fernández da Ponte, PayPal’s senior vice president of cryptocurrencies and digital currency, he said.

According to the report, Ponte said that “we are exploring a stable currency.” He further said that “if we move in this direction, we will definitely work closely with partner regulators.” But a company spokesperson also said that the code Moser found was derived from a hackathon, so it cannot be considered an end result.

PayPal introduced the purchase of select cryptocurrencies in late 2020 and, in early 2021, added a “crypto payment” feature for users to buy things with their digital assets.

The company’s current support for cryptocurrencies is limited to Bitcoin, Bitcoin Cash, Litecoin, and Ether. However, Moser says that the PayPal app also revealed that it is working to support the Neo cryptocurrency, as well as exploring the possibility of introducing its own stablecoin.

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