PayPal Confirms It’s Working on Its Own Stablecoin After Developer Finds Code in iOS App: Report

Popular multinational fintech company PayPal has reportedly indicated its interest in “exploring” the possibility of launching its own stablecoin, which is a cryptocurrency that holds the value of fiat or reserves like gold, silver, etc. Estimated for property. The hint came after developer Steve Moser discovered references to something called “PayPal Coin” within the company’s iOS app, which also featured PayPal’s logo. Stablecoins have grown in popularity for making transfers between exchanges and crypto use in day-to-day commerce.

Following Moser’s findings, bloomberg The findings were confirmed by Jose Fernández da Ponte, Senior Vice President of PayPal Crypto and Digital Currencies, a report said.

“We are looking for a stablecoin,” Bloomberg quoted Fernandez da Ponte as saying. “If and when we want to move forward, we will certainly work closely with the relevant regulators.” But a spokesperson for the company also said that the code Moser found came from a hackathon, so it is not considered final.

paypal started Facilitating Purchase of select cryptocurrencies in late 2020 and early 2021 couple “Checkout with Crypto” feature to facilitate users to buy things with their digital assets.

The company’s current support for cryptocurrencies is limited. Bitcoin, bitcoin cash, litecoin, And ether, However, Moser says that PayPal’s app also revealed that it is working to support the Neo cryptocurrency, in addition to exploring the possibility of introducing its own stablecoin.

During an earnings call last year, the digital payments provider outlined plans for a dedicated business unit for PayPal’s crypto ambitions, which would include working with regulators outside the US market to accept new forms of digital currencies. Was.

PayPal says it has over 375 million daily active users and 30 million merchants on its platform. While the company does not charge any fee for holding cryptocurrencyIt charges users for transactions and currency conversions.

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