- PayPal has officially confirmed plans to release native stablecoin
- The digital asset will be backed by the US dollar
PayPal VP of Digital Assets Jose Fernandez da Ponte was interviewed last week Bloomberg. In it, he confirmed rumors that the company is considering issuing its own stablecoin.
“Yes, we are studying this segment. If and when this happens, we will look for ways to cooperate with the relevant regulatory authorities, ”commented da Ponte.
According to preliminary data, the US dollar will act as security for the digital currency.
Recall developer Steve Moser was the first to announce the company’s plans. He found information about a future stablecoin called PayPal Coin in the source code of a mobile iPhone wallet.
As it turned out, the data found is the results of an internal hackathon on digital assets that they simply forgot to erase.
Recall that in May 2000, a PayPal representative said that the payment system will allow customers to withdraw cryptocurrency. In September, the company expanded its UK listing of available assets to include BTC, ETH, LTC and BCH.