Paypal plans to launch Cryptocurrency Stable Coin

Paypal holding inc has confirmed its intention of launching its stable coin named PayPal coin. confirming the development codes in its phone app during a hackathon, Jose Fernandez da Ponte, told Bloomberg

“We are exploring a stable coin; if and when we seek to move forward, we will, of course, work closely with relevant regulators.”

Stablecoins are cryptocurrencies backed and priced by the value of an existing currency. Jose Fernandez da Ponte pointed that Paypal stable coin will be backed by the US dollar.

Paypal, venmo and CashApp transactions over $600 to be reported to IRS

In November 2021, PayPal has previously launched new features that allow users in the US to buy and hold a digital coin with the intent to educate their users about cryptocurrency. Likewise, PayPal also extended this feature outside the US and UK became the first country to allow PayPal customers to buy, sell and hold bitcoin.

Da Ponte pointed out in an interview that PayPal “not yet seen a stable coin out there that is purpose-built for payments and building a stable coin that will support payment and checkouts will ensure adequate security to the network.

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