According to recent reports, PayPal is currently working on a stablecoin. The news came to the light when Senior Vice President of PayPal (crypto and digital currencies), Jose Fernandez Da Ponte, opened up about it. Jose commented that the company is currently exploring stablecoins and will proceed with the idea if they find it suitable. Also, they further mentioned that they will follow all the relevant regulations. The app developer of PayPal, Steve Moser puts forward the news of the company exploring stablecoin.
In a recent Unchained Podcast, Fernandez Da Ponte talked about stablecoin and revealed that they had not found a stablecoin as of now. Since the stablecoin will be backed up by the US dollar, the company is looking to explore the stablecoin more.
Features of stablecoin
Much information related to stablecoin has been put forward by PayPal’s spokeswoman. According to her, recent images and codes that are currently inside PayPal’s app are from the hackathon. Also, the company makes it clear that the logo, name, and features will see certain variations. The users can expect a different logo other than what is seen in the code. In recent times, PayPal had a connection with certain major cryptocurrencies through which they got an idea of launching new features. The feature might include buying and selling the digital currency through the app of PayPal. This will help users to make transactions easily from the app and further, the company will disclose the features later on. There are various other companies that have explored their own coins.