After supporting the trading and payments in cryptocurrencies, PayPal is now planning to make its own coin named PayPal Coin.

This was initially found in PayPalโ€™s iOS app code and later confirmed by the platformโ€™s senior VC to Bloomberg. The so-called PayPal Coin will be a stablecoin thatโ€™ll be backed by the US Dollar, he clarified. More information on this is yet to be known.

PayPal Coin in Pipeline

PayPal is Making its Own Cryptocurrency, Will be Backed by a US Dollar

PayPal, the cross-border payments platform that started supporting trading and payments with cryptocurrencies last year, is now working on its cryptocurrency! This was confirmed by the platformโ€™s senior vice president, Jose Fernandez da Ponte to Bloomberg as;

โ€œWe are exploring a stable coin; if and when we seek to move forward, we will, of course, work closely with relevant regulators.โ€

This confirmation comes after a tip from Steve Moser, an app developer who found PayPalโ€™s plan in the appโ€™s iOS code. The code said hinted towards something called โ€œPayPal Coinโ€, and images describing it. Later, a PayPal spokeswoman clarified that the injection could be from a recent internal hackathon.

โ€œThis is an event where engineers team up to quickly explore and build new products that may never see a public releaseโ€

Well, PayPal confirmed this upcoming native cryptocurrency will be backed by the US Dollar, and be considered as a stable coin. Stablecoins are something that has their value pegged to an existing real-world currency or a commodity. This makes sure the value of coin face less volatility when compared to other general cryptocurrencies.

And thereโ€™s a reason why PayPal is making a stable coin. In a talk at the Unchained podcast, Fernandez da Ponte said the platform has โ€œnot yet seen a stablecoin out there that is purpose-built for payments.โ€ Further,ย  he said theyโ€™d consent and consider the relevant authorities before launching their cryptocurrency.

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