Tech

PayPal confirms its interest in launching its own stablecoin

There is no doubt that the future passes through digitization, with an increasingly present commitment to digital currencies, with companies such as PayPal that have been expanding their business to normalize the use of cryptocurrencies as payment currencies for the day to day. However, the plans of this company do not seem to end here, looking now to offer their own currency.

A developer named Steve Moser found hidden codes and images for a «PayPal Currency» in the company’s application. Although it should be noted first of all that it is not a common cryptocurrency but a stable currency, since it will be backed by the us dollar. And it is that stable coins are cryptocurrencies backed by fiat currencies, so in general, they tend to have greater stability with respect to their decentralized counterparts.

In addition, data from the application shared by Moser were, along with what could be the logo of this coin: the “P” of PayPal crossed by two horizontal bars (unlike the most commonly used vertical bars). Although of course it could still be an early logo, and it may vary on the coin toss, if it does eventually become a reality.

Now, Jose Fernandez da Ponte, PayPal’s senior vice president of cryptocurrencies and digital currencies, has confirmed through a statement to Bloomberg that «the company is exploring a stablecoin«Ensuring they already have plans to work closely with relevant regulators when they seek to take the first step.

However, PayPal does not seem to be the only one interested in entering this market, the interests of Meta are already known, which in addition to its new great commitment to the metaverse, was already preparing the arrival of its own wallet and digital currency. Plans that were partially truncated after strong rejection by regulators, which forced Zuckerberg’s company to abandon this plan in pursuit of the launch of a digital wallet on WhatsApp.

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