PayPal has confirmed it is exploring a stablecoin. Here’s how experts see the potential impact of a PayPal Coin.
PayPal confirmed on Jan. 8 it is “exploring a stablecoin” that could be called PayPal Coin after a developer found evidence of such a stablecoin within the source code of the company’s iPhone app.PayPal senior vice president of crypto and digital currencies Jose Fernandez da Ponte said at the time that if the company plans to move forward with the stablecoin, it will do so while working closely with relevant regulators — an approach that could help the fintech firm avoid the wrath of United States senators that doomed Meta’s Diem cryptocurrency project.The company has clarified that the source code found on its iPhone app was developed in an internal hackathon. When Cointelegraph contacted PayPal to learn more, a spokesperson confirmed the previous reporting but did not offer any additional commentary.
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