US fintech giant PayPal Holdings has reportedly confirmed its intention to launch its own stablecoin called PayPal Coin. Developer Steve Moser first discovered the development of an internal stablecoin in the source code of the Paypal iPhone application.
Confirming the evidence found in the PayPal application, Jose Fernandez da Ponte, SVP of cryptocurrencies and PayPal digital currencies, He said Bloomberg News:
โWe are exploring a stable currency; if and when we seek to move forward, of course, we will work closely with the relevant regulators. "
Moser's finding revealed that PayPal is working on building PayPal Coin, which will be backed by the US dollar. However, a PayPal spokesperson clarified that the source codes for the iPhone app were developed in a recent hackathon.
While PayPal's digital asset is under development, the name, logo, and features of the internal token are subject to change prior to launch. Supporting continuous development, PayPal has previously released new features that allow users to buy, keep and pay with digital currencies.
da Ponte had also pointed out in a interview since November 2021 that PayPal "has not yet seen a stablecoin that is specifically designed for payments." According to him, a stablecoin should support payments at scale and ensure network security, adding:
"There should be clarity about the regulation, the regulatory frameworks and the type of licenses that are needed in this space."
Related: PayPal Completes Crypto Trading Launch for UK Customers
In addition to launching its own stablecoin, PayPal has also taken proactive steps to spread cryptocurrency-related services in jurisdictions outside of the US.
In September 2021, the company announced the launch of new Bitcoin trading services for the UK market. As Cointelegraph reported, clients can trade all major cryptocurrencies, including Bitcoin (BTC), ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
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