” We are studying the possibility of launching a stablecoin With these words Jose Fernandez da Ponte, senior vice president of cryptocurrencies and digital currencies at PayPal, confirmed the information unearthed by Bloomberg : the existence of a project called “PayPal coin”.
“PayPal coin” hidden in the code of the iPhone application
Credit for this discovery goes to developer Steve Moser. While digging into the mysteries of the iPhone payment application, he uncovered several elements of the stablecoin that he transmitted to the American media.
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The latter describes a logo, that of PayPal with two horizontal slashes, the name, “PayPal coin” therefore and the value against which this stable cryptocurrency, the US dollar, would be backed.
Jose Fernandez da Ponte explained that the exhumed code came from a hackathon organized in his division. Company engineers use these events to test and develop products with the freedom to see them happen or not.
A crypto-addict company
PayPal’s interest in cryptocurrencies over the past few years suggests that “PayPal coin” has a future far from the trash. In 2019, the company joined Facebook’s Libra initiative before quickly deviating from it in the face of this turn of events.
PayPal has started to deepen its exploration of the world of freelance cryptocurrencies. The opening for trading in 2020 of its “super-app” made it possible to buy and hold cryptocurrencies.
In March 2021 PayPal took over the specialist company Curv and others. In the wake of the operation, she offered to her American customers to pay for their purchases in cryptocurrency. An option doomed to be extended.
PayPal’s work on its own stablecoin is a logical next step. Fernandez da Ponte bluntly explained that it is part of the company’s campaign for cryptocurrency.
In the podcast Unchained, the vice-president declared ” The regulations, regulatory frameworks and type of licenses needed in this space should be clear. “.
The company probably does not want to fall into the same pitfalls as Libra, which has since become Diem. The stablecoin made in PayPal will arrive, after a little patience.