PayPal Confirms It’s Working on Its Own Stablecoin

Source: NDTV [India]

“PayPal, the popular multinational financial technology company has reportedly indicated its interest in ‘exploring’ the prospect of launching its very own stablecoin, which is a cryptocurrency pegged to the value of fiat or a reserve asset like gold, silver, etc. The indication arrived after developer Steve Moser discovered references to something called ‘PayPal Coin’ within the company’s iOS app, which also featured PayPal’s logo in it. Stablecoins have grown in popularity for making transfers between exchanges and crypto use in day-to-day commerce, simpler. Following Moser’s findings, Bloomberg said in a report that PayPal senior vice president of crypto and digital currencies Jose Fernandez da Ponte has confirmed the findings.” (01/10/22)