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PayPal is reportedly considering launching its own stablecoin as its crypto business continues to grow.
Evidence of the firm’s ambitions of developing a stablecoin was first discovered in PayPal’s app by developer Steve Moser and shared with Bloomberg, who reported that the hidden code reveals a PayPal Coin backed by the US dollar.
Speaking to Bloomberg, PayPal’s senior vice president of crypto and digital currencies, Jose Fernandez da Ponte, confirmed the plans and said:
“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators.”
A PayPal spokeswoman had previously stated that the images and code inside of the PayPal app stemmed from a recent internal hackathon within its blockchain, crypto and digital currencies division.
Crypto is undoubtedly a hot focus of PayPal for 2022 after 2021 saw multiple new projects and acquisitions strengthening its position in the space.
In a recent episode of the ‘Unchained’ podcast, da Ponte commented that his firm has “not yet seen a stablecoin out there that is purpose-built for payments.” He noted that for a stablecoin to work for PayPal, it needs to support payments at scale and have security.
He also said that the current regulatory landscape is too fragile.
“There would have to be clarity on the regulation, the regulatory frameworks, and the type of licenses that are needed in this space,” he stressed.