PayPal Immediately Issues PayPal Coin As A Digital Payment Tool

PayPal immediately issues PayPal Coin. (photo: doc. pixabay)

JAKARTA - The fintech giant from the United States, PayPal Holdings, has reportedly confirmed its intention to launch its own stablecoin called PayPal Coin. Internal stablecoin development was first discovered in the source code of the iPhone application, Paypal, by developer Steve Moser.

Confirming the evidence found in the PayPal app, Jose Fernandez da Ponte, PayPal's Senior Vice President of Cryptocurrency and Digital, told Bloomberg News:

“We are exploring stablecoins; if and as we seek to move forward, we will of course work closely with the relevant regulators," da Ponte said.

Moser's findings reveal that PayPal is in the process of building the PayPal Coin, which will be backed by the United States dollar currency. However, a PayPal spokesperson clarified that the iPhone app's source code was developed in a recent hackathon.

While PayPal digital assets are being created, the name, logo, and internal token features are subject to change prior to launch. Supporting the ongoing development, PayPal has previously launched a new feature that allows users to buy, hold, and pay with digital coins.

Additionally, da Ponte also pointed out in an interview from November 2021 that PayPal "hasn't seen a stablecoin out there that's made specifically for payments." According to him, stablecoins should support payments at scale while ensuring network security.

“There has to be clarity on the regulations, the regulatory framework, and the types of licenses needed in this space,” said da Ponte who was also quoted by Cointelegraph.

In addition to launching its own stablecoin, PayPal has also taken proactive steps to deploy crypto-related services in jurisdictions outside the United States.

In September 2021, the company announced the launch of a new Bitcoin trading service for the UK market. As Cointelegraph reports, customers can trade major cryptocurrencies including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).