With USDT, USDC, TUSD, and other stablecoins providing a way for traders to exchange around a fiat value, stablecoins have become more and more in demand. With that, it seems like PayPal is looking to jump into that market by launching its very own stablecoin.
PayPal Founding CEO Bill Harris Called Bitcoin a Scam
Before anything else, it is important to note that PayPal was not always onboard when it came to crypto as the platform's founding CEO Bill Harris actually called Bitcoin a scam as per an article by Investopedia. The company, however, has come quite a long way since then.
PayPal noted that it would be working with regulators ahead of its stablecoin launch. With that, evidence of the upcoming PayPal coin work was found on the company's iPhone app.
PayPal ios Exploring the Launch of Its Very Own Stablecoin
According to the story by Bloomberg, PayPal is exploring the launch of its very own stablecoins. The company confirmed the development after certain evidence regarding the move was discovered inside PayPal's iPhone app.
The senior vice president of crypto and digital currencies at PayPal, Jose Fernandez, noted in a statement to Bloomberg that the company is exploring stablecoins stating that "if" and "when" the company seeks to move forward, they will be working along with the relevant regulators.
Evidence on PayPal's Stablecoin and Company's Rebuttal to the Findings
Evidence of PayPal's exploration into building their own stablecoin was found by developer Steve Moser in PayPal's app. The information was shared with Bloomberg hidden code and images that show what could be dubbed the PayPal coin.
As per the code, the indication is that the coin would be backed by the US dollar, which is the same as all stablecoins are initially intended to do. With that, a PayPal spokeswoman noted that the images and code were actually from a recent internal hackathon within the company's blockchain, crypto, and digital currencies division.
This means that the logo, name, and features could still change in its public product form. To add, PayPal has actually been engaged in a few major cryptocurrency efforts in the course of the past few months by launching new features to buy and hold digital currencies and through purchasing with monies.
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Other Companies and Their Involvement with Stablecoins
Fernandez de Ponte noted on the Unchained podcast that the company has not yet seen a stablecoin that is purpose-built for payments. With that, for PayPal's use, the stablecoin should support payments at scale and also have security as well.
PayPal, however, isn't the first tech giant that is looking to launch its very own coin. Meta, formerly known as Facebook, has actually been helping develop a stablecoin called Diem, and Visa has also allowed a stablecoin that is backed by the US dollar to settle a transaction along with the network.
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Written by Urian B.
