Slash Boxes

SoylentNews is people

SoylentNews is powered by your submissions, so send in your scoop. Only 13 submissions in the queue.
posted by janrinok on Sunday January 09, @07:01PM   Printer-friendly
from the stable-coin-might-exit-the-barn dept.

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.

Original Submission

This discussion has been archived. No new comments can be posted.
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
  • (Score: 0) by Anonymous Coward on Monday January 10, @02:41AM (1 child)

    by Anonymous Coward on Monday January 10, @02:41AM (#1211387)

    As I've posted here before, I don't think bankers (as a group) are all that smart. Thus the need for regulation to prevent the bankers from engaging in risky behavior with their customers money (deposits), and other sorts of bad behavior. The temptation to engage in this risky behavior is clear--big bonuses when a gamble works out. And whining "too big to fail" when a deal goes south.

    While PayPal and other payment processors aren't regulated like a bank, I wonder if they are any smarter (as a group) than bankers...?

  • (Score: 3, Insightful) by mhajicek on Monday January 10, @07:46AM

    by mhajicek (51) on Monday January 10, @07:46AM (#1211455)

    Smart or not isn't the issue. They'll happily risk other people's money and wellbeing so long as they get theirs. This often means individuals will make decisions that are not in their company's best interest.

    The spacelike surfaces of time foliations can have a cusp at the surface of discontinuity. - P. Hajicek