PayPal Holdings – a U.S.-based prominent fintech company – has reportedly affirmed that it has a plan to introduce its stablecoin called PayPal Coin. The discovery of the in-house stablecoin development is credited to Steve Moser (a developer of the iPhone application of PayPal who identified it in the app’s source code).
While assuring the evidence detected on the respective application, the digital and cryptocurrencies’ SVP at PayPal – Jose Fernandez da Ponte – stated that the group is delving deep into a stablecoin launch with looking for the adequate possibilities to move forward keeping in line with the requirements imposed by the regulators.
The remarks of Moser discovered that the platform is working on the development of PayPal Coin, with having US dollar as a support for the respective token. Nonetheless, it was explained by the spokesperson of PayPal that a fresh hackathon has provided the opportunity to develop the iPhone application’s source codes. Whereas the digital asset of PayPal is in its process of development, the characteristics and logo of the respective token are liable to some modifications in advance of the launch.
Assisting the continued progress, formerly some unique features have been introduced by PayPal to permit the consumers to purchase, pay, as well as hold digital coins. Jose Fernandez had additionally referred to an interview of November recent year revealing that the platform did not have a strategy for a stablecoin at that time for recompensing payments. He’s of the viewpoint that the stable coins should back payments parallel to guaranteeing the network’s security.
He added that the regulatory agenda should have unambiguous regulations as well as the license kinds that are required to operate in the space of digital assets. Apart from the launch of an autonomous stablecoin, the venue is also interested in the provision of crypto-related services across the jurisdictions of the United States. In September of the recent year, it was declared by the platform that PayPal would release unique services for the trading of BTC (Bitcoin) in the market of the United Kingdom.
In this case, it was formerly reported that the consumers of PayPal would be capable of trading the prominent crypto assets with taking account of BCH (Bitcoin Cash), LTC (Litecoin), ETH (Ether), and BTC (Bitcoin) which are well-known and have a lot of use cases in the digital industry.