Developer Steve Moser, the source code of the PayPal iPhone app was the first one to discover the development of an in-house stable coin.
Moser discovers that PayPal is in the works of building Paypal Coin. This will be backed by the US dollar. However, one of the spokespersons of PayPal clarified that the iPhone application’s source codes were developed recently in a hackathon.
On the other hand, the digital assets of PayPal are in the making. The name, features and logo of in-house tokens are about to launch. In support of the ongoing development, PayPal has launched new features previously that allows user to pay, by and hold using digital coins.
In a recent interview from November 2021, da Ponte had pointed that PayPal has not yet seen a stable coin that is built purposely for payments. In accordance to him, a stable coin should support payment as well as ensure the security of the network.
da Ponte also adds, that there would have to be clarity on the type of license and the regulatory framework needed in this space.
PayPal has completed crypto trading rollout for the customers of the UK
PayPal has taken proactive measures like spreading crypto-related services in the jurisdiction out of the United States for launching its own stable coin. PayPal also announced a rollout of a new Bitcoin trading service for the UK market in September 2021. Customers can trade some major cryptocurrencies including Ether (ETH), Bitcoin Cash, Bitcoin and Litecoin.
According to American Fintech Giant, PayPal Holdings has confirmed its intent to launch PayPal Coin as its own stable coin.
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