Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at PayPal, said that the payment system is exploring the possibility of launching stablecoin. The cryptocurrency will be backed by the US dollar.
The top manager noted that the company will work closely with the relevant regulators to promote its stablecoin.
Developer Steve Moser found a hidden code in the PayPal application and even images of the future coin. It may contain the PayPal logo with two horizontal slashes. A company representative confirmed that these are the results of an internal hackathon conducted by the company's blockchain, cryptocurrency and digital currencies division.
Stablecoins are fiat-backed cryptocurrencies and are generally more stable than their decentralized counterparts.
In November 2020, PayPal allowed its American customers to buy, sell and store cryptocurrencies, and in March 2021, it gave them the opportunity to pay for purchases at partner stores.
In May 2021, the company allowed users to withdraw digital assets to third-party wallets.
In July, the limit on the purchase of cryptocurrencies for US customers at PayPal increased from $ 20,000 to $ 100,000 per week. In the same month, the payment company opened access to cryptocurrencies to users in the UK.
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