American fintech giant PayPal Holdings has reportedly approved the launch of its stablecoin named PayPal Coin. The development of an in-house stablecoin was first found in the source code of Paypal’s iPhone app by developer Steve Moser.
Verifying the evidence found on the PayPal app, Jose Fernandez da Ponte, PayPal’s senior vice president of crypto and digital currencies, informed Bloomberg News they are investigating a stablecoin; if and when they seek to move forward, they will, of course, work near with relevant regulators.
Moser’s discovery uncovered that PayPal is in the works of building PayPal Coin, which the United States dollar will back. Nevertheless, a PayPal spokesperson explained that the source codes of the iPhone application were developed in a recent hackathon.
While PayPal’s digital asset is making, the in-house token’s name, logo, and features are subject to modification before launch.
New Features Launched
PayPal has launched new features that allow users to buy, hold and pay with digital coins.
Da Ponte also had an interview in November 202. He stated that PayPal has not yet caught a stablecoin out there that is purpose-built for payments. According to him, a stablecoin should support prices at scale while guaranteeing the network’s security.
He added that there would have to be clarity on the regulation, the regulatory frameworks, and the type of licenses required in this space.
In addition to establishing its stablecoin, PayPal has also taken proactive measures to extend crypto-related services in jurisdictions out of the United States.
In September 2021, the company revealed a new Bitcoin trading services rollout for the United Kingdom market. Customers can trade significant cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).