Bloomberg: PayPal launches its own stablecoin for payments and transfers – Bits Media

PayPal payment system launches its own stablecoin for transfers and payments. About this writes the publication Bloomberg with reference to sources.

PayPal USD should be produced using Paxos Trust. Stablecoin will be provided with deposits in US dollars, short -term treasury bonds and similar cash equivalents. First, the coin will become available only for PayPal customers in the USA.

Senior Vice President of Digital and Cryptocurrencies PayPal Jose Fernandez da Ponte (JOSE FERNANDEZ DA PONTE) previously talked about the possibility of starting a stable coin.

“We are studying stablecoins. For the sake of the desire to move forward, we, Of course, We will work closely with the relevant regulatory authorities ", -said the top manager.

PayPal in February stated, that suspended the development of my own stablecoin. The decision was influenced by the investigation of American regulators against Paxos.

In the quarterly report, submitted commissions on securities and exchanges in the United States (SEC), PayPal reported, that the sum of the company's crypto acts has increased by 56% for the first quarter of 2023.