PayPal wants to develop its cryptocurrency business, so it is looking for a way to introduce its own stablecoin. A virtual currency that would be pegged to one of the global reserve currencies.
“We are exploring the possibility of introducing our own stablecoin. We want to move our business forward, and as soon as we have a clearer picture, we will definitely start working with the relevant regulators, “said a spokesman of the PayPal platform for the Coindesk.com portal.
The PayPal payment platform became very active in the implementation of its own stablecoin, after the payments received in cryptocurrencies increased significantly and interest in this method of payment is still on the rise. Bloomberg developers were the ones to have found out about Paypal’s introduction of stablecoin. They discovered that the PayPal application for the iPhone contains hidden code, which bears the name of the future stablecoin “PayPal Coin”.
The code also shows that stablecoin will be pegged to the US dollar, said Coindesk.com. According to PayPal, the code comes from a recent internal hackaton, in which PayPal experts tried to create new products within the service, which may never receive a public version.
