E-payments company PayPal has revealed that it is exploring the crypto domain more seriously by releasing its very own cryptocurrency, the PayPal Coin.
PayPal is looking into creating a stablecoin that will probably be pegged to the US dollar, although clear information on a roadmap is not available as of yet.
The senior vice president of crypto and digital currencies at PayPal, Jose Fernandez da Ponte, stated that this is simply exploring the space and it is not very serious, as there are no actual plans set in stone for officially implementing it. Even so, he declared that the cryptocurrency will meet all of the required regulations:
“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators.”
PayPal creating its own stablecoin comes with several advantages, such as avoiding the regulatory pressure that surrounds cryptos that are more volatile and decentralized, and offering peace of mind to clients that the amount they have in their wallet will maintain its value in time. It is also an option that fits PayPal as the company is a licensed money transmitter.
The existence of the codename of the PayPal Coin was discovered by Steve Moser, the same person who in November 2021 discovered that the code of the PayPal App had possible references to crypto.