Steve Moser, a developer, disclosed the evolution of an in-house stablecoin in the source code of Paypal's iPhone app.
PayPal Holdings, an American fintech company, has recently acknowledged its plan to establish its own stablecoin, PayPal Coin. Developer Steve Moser first identified the creation of an in-house stablecoin in the source code of Paypal's iPhone application.
Jose Fernandez da Ponte, PayPal's SVP of crypto and virtual currencies, confirmed the proof seen on the PayPal app to Bloomberg News:
“We are exploring a stablecoin; if and when we seek to move forward, we will, of course, work closely with relevant regulators.”
Moser's discovery revealed that PayPal is developing PayPal Coin, a digital currency backed by the US dollar. A PayPal representative, on the other end, explained that the iPhone app's source code was created during a recent hackathon.
Although PayPal's digital asset is being developed, the name, logo, and functionality of the in-house token may change before it is released. PayPal has already revealed new techniques that enable users to purchase, retain, and pay with digital coins, thus assisting continuous development.
In a November 2021 interview, da Ponte also stated that PayPal has "not yet seen a stablecoin out there that is purpose-built for payments." A stablecoin, he says, should be able to assist large-scale payments while still assuring network security, he also added:
“There would have to be clarity on the regulation, the regulatory frameworks, and the type of licenses that are needed in this space.”
PayPal has taken active efforts to promote crypto-related services beyond the United States, in addition to introducing its own stablecoin.
The firm disclosed the launch of new Bitcoin trading services for the UK market in September 2021. Users can trade various cryptocurrencies such as Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH), according to reports.
