PayPal has been slowly but steadily making inroads into the bitcoin business. It will allow anyone to buy and sell crypto and make transactions in 2020, although it is presently only available in the United States.
PayPal’s senior vice president of crypto and digital currencies, Jose Fernandez da Ponte, told Bloomberg that the corporation is currently looking into the possibility of creating its own stablecoin.
Stablecoins are a type of digital money that is linked to the value of a redeemable stable reserve asset such as the dollar, rupee, or the price of a real commodity.
— Steve Moser (@SteveMoser) January 7, 2022
They strive to combine the advantages of cryptocurrency transactions, such as speed and secrecy, with the centralized, more stable values of fiat currencies like the US dollar or the Indian rupee.
Jose Fernandez da Ponte told Bloomberg, “I don’t think we’ve seen a stablecoin that works effectively for payments yet.”
“We’re looking into a stablecoin,” he said, adding that “if and when we decide to move forward, we’ll engage closely with relevant regulators.”
When iOS developer Steve Moser discovered code within the PayPal app for iOS that hinted at a future “PayPal Coin” backed by the US dollar, the debate erupted.
The corporation initially disputed the allegations, claiming that the photographs were from a hackathon idea generation session, but then revealed to Bloomberg that it was considering establishing its own coin.