Online payment processor PayPal has revealed that it is exploring the prospects of launching its stablecoin as it dives deeper into the crypto world.
The news of PayPal’s in-house stablecoin was first uncovered by developer Steve Moster from the company’s iOS application source code. According to Moster, hidden codes and images showed a “PayPal Coin.” The code also revealed that the U.S. dollar would back the coin.
PayPal’s Jose Fernandez Confirms Company’s Exploration of Stablecoin
According to an insider source to online payments processor PayPal, the PayPal Coin code and images were from an internal hackathon. Developers work together to explore and build fresh products in its blockchain, crypto, and digital currencies division. It is not a guarantee that these products will be released publicly.
After discovering, PayPal SVP of crypto and digital currencies, Jose Fernandez da Ponte confirmed that the online payments processor is exploring a stablecoin. Fernandez added that if the company decided to move forward with PayPal Coin, it would work closely with the relevant regulators.
Last November, Fernandez appeared on the Unchained podcast, where he revealed that there is yet a stablecoin available that is purpose-built for payments. Fernandez added that when PayPal’s stablecoin pioneers, it would have to support payments at scale while ensuring security on the network.
PayPal’s Dive into Cryptocurrency
PayPal first opened its doors to cryptocurrencies back in 2014 when it made it possible for online vendors to accept payments in Bitcoin. In 2020, it opened trading to all users and allowed US-based customers to checkout with cryptocurrency.
Over the past year, online payments processor PayPal increased its crypto buy limit to $100,000 per week. PayPal’s stablecoin shows that the company is serious about diving deeper into cryptocurrency.
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