The company, which is currently valued at $73.3 billion, has been looking into the possibility of launching a stablecoin in order to provide better liquidity when doing international transactions with digital currencies.
PayPal could be developing a stablecoin, which would allow them to circumvent the volatility of cryptocurrencies and make it easier for people to use PayPal.
PayPal image
PayPal may be working on a new stablecoin known as PayPal Coin. The new currency and its design were discovered in the company’s iOS app with another coin named Neo, although executives said the logo was “leftovers from an internal hackathon by the company’s blockchain, crypto, and digital currencies division.”
PayPal image
The Tape Drive’s Steve Moser contacted Jose Fernandez da Ponte (SVP of crypto and digital currencies at PayPal) after finding the currency, and he verified that PayPal is exploring a stablecoin. “We’re looking at a stable currency,” he added. “If and when we decide to go ahead, we’ll work closely with relevant authorities.”
In 2020, PayPal joined the cryptocurrency market, enabling customers to purchase and sell Bitcoin, Ethereum, and other tokens, with spending restrictions increasing to $100,000 in 2021. The value of a currency or commodity backs stablecoins. According to reports, the PayPal Coin would be backed by US dollars.
Meta (previously Facebook) was working on its own stablecoin, Diem, but decided to abandon it after encountering opposition from foreign authorities. It is now experimenting with a digital wallet called Novi for money transactions using WhatsApp.
We’ve been able to test and learn which features and functionality are most essential to consumers since we launched the Novi pilot only six weeks ago, and we’ve been able to concentrate our efforts on making things even better.
December 8, 2021 — Stephane Kasriel (@skasriel)
The Tape Drive is the source of this information (via Engadget)
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PayPal is developing a stablecoin and will be launching it in the near future. The company announced this on their blog. Reference: paypal launch own stablecoin push.
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