The American giant payment company PayPal has made some very good moves in crypto money payments.
It has been claimed that PayPal, which served as an important catalyst in the 2020-2021 rally, will now issue its own cryptocurrency.
It was first noticed by developer Steve Moser that Paypal will be launching its own stablecoin. Moser stated that such a change will come by examining the source code of Paypal’s iphone application.
Speaking to Bloomberg News, Paypal senior vice president of cryptocurrencies, Jose Fernandez da Ponte, confirmed the evidence in the application and made a statement about the stablecoin studies.
“We are discovering a stablecoin. We will of course work closely with regulators as we start to move forward on this issue.”
The logo in PayPal’s iPhone application is as follows;
PayPal’s USD-backed stablecoin is still under construction, so the logo and other features may change before launch.
A Paypal spokesperson explained that the source codes found by Moser were developed in a recent hackathon.
With the latest statements of Jose Fernandez da Ponte, the claims that PayPal will issue its own stablecoin have been confirmed.
Paypal, in partnership with Coinbase, already allows the trading, storage and payment of cryptocurrencies.