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PayPal Coin payment service confirms plans for proprietary stablecoin

 


After a developer discovered evidence of a stablecoin from the payment service in the PayPal app, the latter confirmed plans.


The large American payment service provider PayPal has reportedly confirmed the introduction of a proprietary stablecoin called PayPal Coin. The developer Steve Moser found an initial reference to the stablecoin in the programming code of PayPal's iPhone app.


Jose Fernandez da Ponte, the vice president of cryptocurrencies and digital currencies at PayPal, admits to Bloomberg News:


“We are currently researching a stablecoin. In the event that we want to introduce this, we will of course work closely with the regulatory authorities. "

The Moser find apparently revealed that the large payment service provider is working on a stablecoin that is said to be tied to the US dollar, but the analysis of the iPhone app should generally be treated with caution, because the associated source code was only included in one developed recently.


The name, logo and design of the company's own PayPal coin are only temporary and could change in the event of an introduction. The prerequisites for the stablecoin would definitely be met, because PayPal has recently implemented additional features for handling digital currencies.


An interview with da Ponte from November 2021, when he stated that PayPal “has not yet known any stablecoin that is specifically designed as a means of payment” provides further evidence of the project . In his opinion, however, a stablecoin should be able to process large-scale payments and be secure at the same time. To this end he explains:


"There has to be clarity regarding the regulation, the legal framework and the necessary licenses that are needed to work in this field."

Meanwhile, PayPal is also trying to expand its own range of crypto services beyond the national borders of the USA.


The payment service provider launched several cryptocurrencies in Great Britain in September 2021, including Bitcoin ( BTC ), Ether ( ETH ), Litecoin ( LTC ) and Bitcoin Cash ( BCH ).


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