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PayPal is considering introducing its own stablecoin



PayPal has started enabling Bitcoin purchases. Now it is planning a stablecoin.

PayPal has grown its cryptocurrency business since it opened trading to all users in 2020. It allowed US customers to pay with cryptocurrency and increased its crypto purchase limit last year. In the future, it could also offer its own stablecoin.

Developer Steve Moser discovered evidence of the development of a stablecoin in the PayPal app and shared it with Bloomberg. Hidden code and pictures show the work on a so-called “PayPal Coin”. According to his knowledge, the PayPal coin will be covered by the US dollar. Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at PayPal, said in a statement to Bloomberg News:

“We're investigating a stablecoin; if and when we want to move forward, we will of course work closely with the relevant regulatory authorities. "

For a large company, PayPal is already pretty deeply immersed in the waters of cryptocurrencies. In late 2020, it began enabling its users to buy, hold, and sell digital assets such as Bitcoin and Ethereum. This was then extended to the subsidiary Venmo and a “Checkout with Crypto” function was introduced for paying merchants.

Stablecoins are cryptocurrencies that are secured by fiat currencies and are usually more stable than their decentralized counterparts. Meta also has big crypto plans and actually wanted to launch a digital wallet that would support its own stablecoin called Diem. However, the company faced pressure from regulators and instead launched the Novi cryptocurrency wallet with the stablecoin Pax Dollar (USDP).

USDP's market cap is just over $ 1.05 billion, according to CoinGecko, compared to around $ 500,000 last year. In contrast, Tether (USDT) has a market cap of $ 79.2 billion, down from $ 23.5 billion a year ago.

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