The platform will focus on the ability to pay with its digital asset

PayPal is preparing to launch its own stablecoin

10.01.2022 - 10:55

298

1 min

What's new? PayPal plans to launch its own stablecoin as a part of a strategy to take advantage of cryptocurrency adoption. PayPal’s senior vice president and general manager for blockchain, crypto and digital currencies, Jose Fernandez da Ponte confirmed this information to Bloomberg.

Material on the Bloomberg website

What was known before the official announcement? Fernandez's announcement came after the iOS developer Steve Moser discovered the parts of the source code of PayPal's iPhone app. They indicated that the company is working on a coin, “PayPal Coin.” The logo, name, and characteristics of the stablecoin may change before release.

What did Fernandez da Ponte say? PayPal's vice president stated that the company has not found a stablecoin to be used for payments. According to Fernandez, PayPal will develop two directions before releasing its own coin:

“The technology preparation in terms of security, throughput, and scalability is one of the aspects. Another aspect is the regulation of the asset.”

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy