Stories
Slash Boxes
Comments

SoylentNews is people

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This discussion has been archived.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: 2) by JoeMerchant on Monday January 10, @04:01PM

    by JoeMerchant (3937) on Monday January 10, @04:01PM (#1211513)

    Well, I can see it working if it's based on a flexible fiat currency like the USD. Then operating a stable coin is a matter of retaining sufficient reserves. If I were in charge of the regulations, I'd require 100% reserves for the float with at least weekly independent audits for something as big as PayPalCoin is likely to become. We're talking 52 separate independent auditing firms that have to each be convinced once a year that the Coin is properly backed by liquid deposits available for immediate redemption on demand.

    Sure, that deflates much of the monetary benefit of operating a crypto-coin, but I also feel that the crypto mechanism itself has sufficient benefits that it is still worthwhile to operate a 100% reserve backed Coin.

    --
    Україна не входить до складу Росії.
    Starting Score:    1  point
    Karma-Bonus Modifier   +1  

    Total Score:   2