PayPal confirms interest in its own stablecoin
by: Dynasty GI2022-01-26
The global payment giant PayPal is working on applications of digital currency as part of its services, which may involve the creation of its own US-backed stablecoin.
Following months of rumours about PayPal’s crypto plans, a code spotted in its latest iOS app included a ‘PayPal Coin’ which included its own logo. Speaking to Bloomberg, PayPal’s SVP for digital currencies stated that the company was exploring a stablecoin and that ‘if and when’ it decides to move forward, it will engage with the relevant regulators. However, a company spokesperson added that ‘rumours and speculation are not predictive’ of its future plans. If the plans go ahead, they will represent another step by PayPal into the crypto world, following its decision in late 2020 to add crypto to its payment system, a move that has since grown into a dedicated crypto business unit inside the company.
"The more major businesses engage with the crypto world, the better. However, we must also ensure that the wider crypto eco-system isn’t damaged by unfair competition. If PayPal goes ahead with its own currency, it ought to allow trading in other cryptos as a major trading gatekeeper, instead of limiting transactions to its own currency."
Warned Eduardo Carvalho, the founder and CEO of Dynasty Global.