Hidden code in the company’s iPhone app shows that a potential “PayPal Coin” would be backed by the U.S. dollar.
PayPal Holdings Inc. is exploring the launch of its own PayPal Stablecoin as part of its cryptocurrency push, according to the company, which confirmed the development after evidence was discovered inside its iPhone app.
Jose Fernandez da Ponte, senior vice president of crypto and digital currencies and PayPal spokesman confirmed that PayPal is exploring a stablecoin in a statement to Bloomberg News.
Hidden code and images show work on what dubbed the PayPal Stablecoin as “PayPal Coin.”
A PayPal spokeswoman said that the images and code in the PayPal app discovered by developer Steve Moser stemmed from a recent internal hackathon event within the company’s blockchain, crypto and digital currencies division. The final logo, name, and features of the stablecoin could be different from what’s currently shown in the code.
PayPal has been very active with its cryptocurrency efforts recently, increasing the amount of crypto its customers can purchase, as well as investing in educating its users on crypto and working to allow them to withdraw their crypto safely to third-party wallets.
“There would have to be clarity on the regulation, the regulatory frameworks, and the type of licenses that are needed in this space,” confirmed Jose Fernandez da Ponte.
PayPal joins other technology giant to exploring launching their own coin. Meta Platforms Inc., formerly Facebook, has been helping develop a stablecoin called Diem, while Visa Inc. in recent months allowed a stablecoin backed by the U.S. dollar to settle a transaction with the network.
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