PayPal is reportedly planning to launch its own stablecoin as part of its strategy to take advantage of crypto adoption.
PayPal’s senior vice president and general manager of blockchain, crypto and digital currencies, Jose Fernandez da Ponte, confirmed to Bloomberg that the payment giant is considering having its own regulated stablecoin.
“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators.”
Fernandez da Ponte’s announcement comes after iOS developer Steve Moser discovered parts of the PayPal iPhone app’s source code that indicated that the company may be working on a stablecoin called “PayPal Coin.”
A PayPal spokesperson says that the images and codes inside the app were from a hackathon within the company’s blockchain, crypto and digital currencies division. Therefore, the logo, name and features of the coin may still change before the crypto asset gets released to the public.
Fernandez da Ponte said in November that PayPal has not found a stablecoin purpose-built for payments. At the time, he said that PayPal is looking at two things before issuing its own stablecoin.
“The technology getting ready and especially in terms of security, throughput and scalability is one aspect. The other aspect is that there is clarity on the regulation.”
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