Payments Giant examines the introduction of stablecoin to increase crypto offers-
Payments Giant examines the introduction of stablecoin to increase crypto offers-
reports PayPal works on a stablecoin that is supported by the US dollar to expand its cryptocurrency offer. "Of course we will work closely with the responsible supervisory authorities," emphasized the company.
PayPal explores the introduction of his own USD-supported stablecooin
Accordingly, Paypal Holdings Inc. is reported to the introduction of its own stable coin, which is supported by the US dollar as part of the company's cryptocurrency boost, Bloomberg reported on Friday.Jose Fernandez da Ponte, Senior Vice President of Crypto and Digital Currency at PayPal, confirmed to the publication:
We examine a stable coin; If we want to get ahead, we will of course work closely with the responsible supervisory authorities.
The evidence for PayPal's stable coin was first discovered by the developer Steve Moser, who shared his results with the news agency. He noticed hidden code and pictures in the PayPal app, the work on "PayPal" showed coin ", which is covered by the US dollar.
A PayPal spokeswoman said that the pictures and the code in the PayPal app come from a recently carried out internal hackathon. This means that the final logo, the name and functions of the stable coin can differ from what is currently being displayed in the code.
Fernandez da Ponte recently said in the Unchained Podcast that PayPal has not yet seen a stable coin that was specially developed for payments, ”the publication says.
He found that a stable coin supports payments to a large scale and offered security for the use by the payment giant, and said:
There should be clarity about the regulation, the legal framework and the type of licenses that are required in this area.
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