Based on statements by a developer who found information about a possible stablecoin from the service provider within the PayPal app, there were already rumors about the development. The payment service provider has now confirmed the plans.
The large American service provider PayPal is said to have announced the planned introduction of the company’s stablecoin “PayPal Coin”.. The first hint of these plans was found by developer Steve Moser within the programming code of the company’s iPhone app.
The Vice President of Crypto and Digital Currencies at PayPal, Jose Fernandez da Ponte, confirmed these future plans to the Bloomberg News agency.
PayPal Coin confirmed
He told the news portal that research is currently taking place on a stable coin. He also confirmed that there would be close cooperation with the regulatory authorities in the event of an introduction.
Apparently by chance, developer Moser’s discovery unplanned revealed that PayPal is working on the stablecoin, which is to be linked to the US dollar. The completed analysis of the iPhone app should generally be viewed with caution. The source code in question was only developed in a recent hackathon.
The name mentioned in the source, the logo and the specific design of the company’s PayPal coin have not yet been confirmed. Should there actually be an introduction, many parameters can still change. Basically, the conditions and requirements for the stablecoin are in place. With the implementation of additional functions related to the implementation and handling of digital currencies, PayPal has created the best possible framework for an introduction.
Another clue that speaks for the introduction and implementation of the project is an interview with the Vice President for Cryptocurrencies and Digital Currencies from November 2021. Da Ponte stated in this interview that no stablecoin is yet known for PayPal, which one designed in particular as a means of payment. He said at the time that the introduction of a stablecoin should mean that large payments can be processed and that there is also a high level of security.
At the same time, the company is focused on pushing further expansions of its own crypto service offerings, e.g. in Great Britain, outside the USA.
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PayPal Coin: Plant PayPal eigene Stablecoin?