PayPal confirmed on Jan. 7 that it is preparing to launch its own stablecoin cryptocurrency backed by the U.S. dollar, after signs of the move were found on its iPhone app.
Developer Steve Moser of The Tape Drive discovered evidence in the PayPal app of an experimental cryptocurrency called “PayPal Coin,” which he shared with Bloomberg.
“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators,” said Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at PayPal, in a statement to Bloomberg News.
Stablecoins are cryptocurrencies that are pegged to the value of a non-blockchain physical asset, such as fiat currencies, government bonds, or commodities, like gold.
It is theorized that a stablecoin backed by an established global currency, such as the U.S. dollar, would reduce the …

The post PayPal Plans Launch of Its US Dollar Backed Cryptocurrency appeared first on Populist Press ©2022.

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