PayPal Confirms Creating Its Own Stablecoin To Push Crypto Business

• As part of its initiative to push crypto, PayPal Holdings Inc. is looking to release its own stable coin after the news was confirmed after the images and hidden codes indicating the “Paypal coin” work were discovered on its iPhone app.

• The code in Paypal’s iPhone also indicates that the coin would be backed by the US Dollar. The evidence was found by a developer, Steve Mouser, who shared the crypto news with Bloomberg. 

• Jose Fernandez da Ponte, the PayPal Spokesperson, also said in a statement that ahead of the launch of the digital asset stable coin, PayPal would work with regulators.

With the aim to grow its crypto business, PayPal, an American Multinational Online Payment System, is planning to release its own stablecoin, a cryptocurrency backed by an existing commodity or currency. According to the sources, Curv, a security company that assists in securing crypto assets, was actively working on developing a stablecoin for Paypal in September.

The news that PayPal is exploring its own stablecoin was confirmed through the company’s iPhone app by Steve Mouser, a developer, who then shared the news with Bloomberg, who reported it first.

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Senior Vice President Of Crypto and Digital Currencies at PayPal, Jose Fernandez da Ponte, also confirmed to Bloomberg in a statement that PayPal is exploring Stablecoin and will soon be working closely with relevant crypto regulators if they decide to move forward.

Images and Encrypted/Hidden Codes suggested the work on “PayPal Coin.” The Hidden code shows the coin would be backed by the U.S Dollar, according to the report by Bloomberg.

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Recently, PayPal has been putting in quite a lot of effort to increase the amount of crypto its customers can buy. In addition, it is also working on the education of its customers and a safe withdrawal of their crypto to third-party wallets.

Bloomberg also reported that a PayPal spokesperson told of the hidden code and images inside the PayPal app from a recent internal hackathon- an event in which engineers brainstorm together and develop new products for a public release- within the company’s blockchain, crypto, and digital currencies division. That means changes in the name, feature, and ultimate logo can be changed in its public product form.

The PayPal Spokesperson, Fernandez da Ponte also mentioned on the Unchained Podcast that the company is yet to come across a stablecoin that is specifically built for payments. 

He also added that a stablecoin for PayPal would need to have security and also support payments.

Explaining further, he said that there should be clarity on the regulatory frameworks, the regulation, and the type of license required in the space. 

For Venmo credit cardholders, PayPal launched a feature that lets them automatically buy crypto in August.

Before PayPal, technology giant like Meta Platforms Inc., earlier known as Facebook, was also assisting in developing a stablecoin dubbed Diem meanwhile Visa Inc for settling transactions with the network, has also allowed a stablecoin backed by the US Dollar.