PayPal confirms working on launching its own stablecoin
By MYBRANDBOOK
Jose Fernandez da Ponte, SVP of crypto and digital currencies at PayPal, has confirmed that the online payment provider is exploring a stablecoin. He also said that the company will work closely with relevant regulators “if and when it seeks to move forward.”
The company's existing support for cryptocurrencies is limited to Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. PayPal's app revealed that it's working to support the Neo cryptocurrency too, in addition to exploring the possibility of introducing its own stablecoin.
A stablecoin differs from other digital currencies in that its value is backed by a specific asset. It is reported that PayPal Coin would also be backed by the US dollar, which would make it easier for the average PayPal user to adopt the digital currency for everyday use.
PayPal claims to have more than 375 million daily active users and 30 million merchants on the platform. The company charges its users for transactions and currency conversions but doesn’t charge any fee for holding cryptocurrency.
PayPal started facilitating the purchase of select cryptocurrencies in late 2020, and in March 2021, it added the "Checkout with Crypto" feature to let users buy things with their digital tokens.
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