PayPal has made a very interesting announcement regarding the cryptocurrency space and how the company plans on moving towards adopting it.
PayPal is no stranger to the cryptocurrency industry as the company approved trading of cryptocurrency to all its users on its platform back in 2020. This change allowed for US PayPal users to complete transactions with cryptocurrency while also allowing users to purchase cryptocurrencies on select exchanges.
Now, PayPal’s General Manager of Blockchain, Crypto, and Digital Currencies, Jose Fernandez da Ponte, has indicated to Bloomberg that the company is considering releasing its own stablecoin. Engadget reports that a software developer Steve Moser discovered code and images for a “PayPal Coin” and gave it to Bloomberg.
According to Jose Fernandez da Ponte, “We are researching a stablecoin; if and when we seek to proceed, we would, of course, work closely with appropriate regulators.” If PayPal decides to move forward with its own stablecoin, it will be backed by the US dollar, but there is nothing to absolutely confirm that the company will be moving specifically in this direction.