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PayPal Confirms It's Exploring the Launch of its Own Stablecoin

posted by janrinok on Sunday January 09 2022, @07:01PM   Printer-friendly
from the stable-coin-might-exit-the-barn dept.

upstart writes:

PayPal confirms it's exploring the launch of its own stablecoin:

PayPal has been expanding its cryptocurrency business since it opened trading to all users in 2020. It allowed US customers to check out with cryptocurrency and increased its crypto buy limit over the past year. In the future, it might also offer a stablecoin of its own. Jose Fernandez da Ponte, SVP of crypto and digital currencies at PayPal, has confirmed to Bloomberg that the online payment provider is "exploring a stablecoin." He also said that the company will work closely with relevant regulators "if and when [it] seek[s] to move forward."

A developer named Steve Moser found hidden code and images for a "PayPal Coin" in the company's app and shared them with Bloomberg. Based on what he discovered, the PayPal Coin will be backed by the US dollar.

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  • (Score: 5, Insightful) by Rosco P. Coltrane on Sunday January 09 2022, @10:38PM (1 child)

    by Rosco P. Coltrane (4757) on Sunday January 09 2022, @10:38PM (#1211334)

    The entire point of cryptocurrency is to do away with middlemen like Paypal. Duh...

    This Paypalcoin is just another "we have our own coin too" thing. I'll just keep using real currencies thank you very much.

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  • (Score: 1) by shrewdsheep on Monday January 10 2022, @10:20AM

    by shrewdsheep (5215) on Monday January 10 2022, @10:20AM (#1211464)

    I don't know any details of course, but as I see it Paypal wouldn't be a middleman. If it is a blockchain, you can use it without paypal (unless paypal restricts the mining privilege to itself). Only would paypal serve as an exchange with a garuanteed exchange rate. There can be other exchanges apart from paypal.