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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.

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  • (Score: 2) by Unixnut on Monday January 10, @10:30AM (1 child)

    by Unixnut (5779) on Monday January 10, @10:30AM (#1211466)

    > Most of the US dollars that exist were commanded into existence in the last 2 years. I don't think the word "stable" is appropriate, here.

    To be fair, a currently that has been losing value consistently over many decades can be considered "stable", in the sense that it is a stable rate of devaluation. As such all fiat currencies are stable in that sense, you can pretty much guarantee they will be worth less as each day passes.

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  • (Score: 2) by JoeMerchant on Monday January 10, @04:06PM

    by JoeMerchant (3937) on Monday January 10, @04:06PM (#1211515)

    If you look at the inflation adjusted value of the US dollar since 1970, it has actually been very impressively managed for a near constant 2% per year rate of overall inflation. We will have to look back around 2025 or 2030 to see if the current situation is a temporary blip or a full on deviation from the 50 year stable trend.

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