Bloomberg: PayPal is exploring the possibility of launching a stablecoin – Bits Media

PayPal Holdings Inc. exploring the possibility of launching a stablecoin, backed by US dollar, which will be used for payments on a large scale and ensure user security.

Software developer Steve Moser (Steve Moser) discovered hidden code and images in the PayPal iPhone app, confirming, that the payment system is working on a stablecoin called "PayPal Coin". After analyzing the code, developer discovered, that the digital asset will be backed by the US dollar, and shared his “find” with Bloomberg.

A PayPal representative later explained, that the images and code inside the application appeared after a recent internal corporate event, where engineers discussed issues, related to research and creation of new products. However, this does not mean, that the stablecoin will be introduced to the public. Considering, that the product has not yet been finalized, it may appear with a different logo, name and functions.

Vice President and Head of Cryptocurrency Division at PayPal Jose Fernandez da Ponte (JOSE FERNANDEZ DA PONTE) confirmed, that the company is exploring the possibilities of stable cryptocurrencies. And if PayPal decides to launch a stablecoin, the payment system will work closely with regulators on this issue.

According to da Ponte, “the company has not yet seen a stable cryptocurrency, specially created for payment transactions", so, so that the stablecoin can be used in PayPal, it should be used for payments on a large scale and ensure user security.

In recent years, PayPal has become active in working with cryptocurrencies.. IN 2020 year, American PayPal users now have the opportunity to buy, sell and store digital assets, and in August last year these functions became available to UK citizens. Previously PayPal CEO Daniel Shulman (Daniel Schulman) stated, that in the future the company may distribute central bank digital currencies to the public.