Mass crypto adoption has been one of the most important goals that the crypto space has set. There have been a lot of moves taking place in this direction, and they continue.
The latest reports involve PayPal and their move involving a stablecoin. Check out the latest reports below.
PayPal prepares to launch a new stablecoin
PayPal is reportedly planning to launch its own stablecoin. This move comes as a part of its strategy to take advantage of crypto adoption.
PayPal’s senior vice president and general manager of blockchain, crypto, and digital currencies, Jose Fernandez da Ponte, confirmed to Bloomberg that the company is considering having its own regulated stablecoin.
“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators.”
What is PayPal Coin?
Fernandez da Ponte’s announcement comes after iOS developer Steve Moser discovered parts of the PayPal iPhone app’s source code that have been showing the fact that the company may be working on a stablecoin called “PayPal Coin.”
A PayPal spokesperson explained the fact that the images and codes inside the app were from a hackathon within the company’s blockchain, crypto, and digital currencies division.
More than that, it’s been also revealed that the logo, name and features of the coin may still change before the crypto asset gets released to the public.
As the online publication the Daily Hodl notes, Fernandez da Ponte said in November that PayPal has not found a stablecoin purpose-built for payments.
It’s also essential to note the fact that back then, he said that PayPal is looking at two things before issuing its own stablecoin.
“The technology getting ready and especially in terms of security, throughput and scalability is one aspect. The other aspect is that there is clarity on the regulation.”
We suggest that you check out Bloomberg’s original piece in order to learn more details about all this.