Paypal is reportedly working on a stablecoin backed by the U.S. dollar to expand its cryptocurrency offerings. “We will, of course, work closely with relevant regulators,” the company stressed.
Paypal Holdings Inc. is reportedly exploring the launch of its own stablecoin backed by the U.S. dollar as part of the company’s cryptocurrency push, Bloomberg reported Friday.
Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at Paypal, confirmed to the leading crypto information portal – Bitcoin.com that they are evaluating their strong entry to the cryptocurrency domain. “We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators,” says Jose Fernandez da Ponte of PayPal.
The evidence of Paypal’s stablecoin was first spotted by developer Steve Moser, who shared his findings with the news outlet. He noticed hidden code and images in Paypal’s app showing work on “Paypal coin” that is backed by the U.S. dollar.
A Paypal spokeswoman explained that the images and code inside the Paypal app are from a recent internal hackathon. This means the final logo, name, and features of the stablecoin could be different from what’s currently shown in the code.