PayPal Could Be Developing a Stablecoin

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Image: PayPal

PayPal could be developing a new stablecoin called PayPal Coin. The new coin and its logo was spotted alongside another called Neo in its iOS app, but representatives said the logo was “leftovers from an internal hackathon by the company’s blockchain, crypto, and digital currencies division.”

Image: PayPal

Upon discovering the coin, The Tape Drive’s Steve Moser reached out to Jose Fernandez da Ponte (SVP of crypto and digital currencies at PayPal), who confirmed that PayPal is considering a stablecoin. “We are exploring a stable coin; if and when we seek to move forward, we will, of course, work closely with relevant regulators,” he said.

PayPal entered the crytocurrency business in 2020, allowing users to buy and sell Bitcoin, Ethereum, and other tokens, with spending limits increased to $100,000 in 2021. Stablecoins are backed by the value of a currency or commodity. The PayPal Coin will reportedly be backed by USD.

Meta (formerly Facebook) was also developing its own stablecoin, Diem, but changed direction after resistance from international regulators. It is now testing a digital wallet called Novi for money transfers via WhatsApp.

Source: The Tape Drive (via Engadget)

Peter Brosdahl
As a child of the 70’s I was part of the many who became enthralled by the video arcade invasion of the 1980’s. Saving money from various odd jobs I purchased my first computer from a friend of my dad, a used Atari 400, around 1982. Eventually it would end up being a lifelong passion of upgrading and modifying equipment that, of course, led into a career in IT support.

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