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PayPal Could Be Developing a Stablecoin

  • Jeffery Williams
  • January 10, 2022
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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-Could-Be-Developing-a-StablecoinPayPal 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.”

1641779187_784_PayPal-Could-Be-Developing-a-StablecoinPayPal 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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Table of Contents
  1. Recent Developments
    1. FIFA Ultimate Team Trader Accounts Have Been Hacked, according to EA.
    2. Despite 1800 hours of continuous use, the Nintendo Switch OLED displays no visible burn-in.
    3. Remake of Knights of the Old Republic to Include God of War-Inspired Combat, Nioh 2
    4. Analyst Predicts Nintendo Will Skip “Switch Pro” for Next-Gen Console Releasing in 2024.
    5. Steam surpasses 28 million concurrent users, which is a new high.
    6. The Latest Victims of the Global Chip Shortage Are Canon Ink Cartridges
    7. Watch This Video-
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