- PayPal decided to launch its Native Stablecoin in the crypto market.
- The stablecoin is named as the “PayPal Coin” which is backed by the U.S. dollar.
- Payment Giant is taking a deep dive into the crypto space.
PayPal Holdings is an American International fintech company which has been operating as an online payment system since 1998. As PayPal is one of the payment giants in the market, it has decided to mark its presence in the crypto market.
In order to play a significant role, PayPal is exploring new ideas to launch its own stablecoin soon. The payment firm is ready to roll out its native stablecoin, “PayPal Coin” as part of its cryptocurrency push in the marketplace. However, stablecoin are at a value as fiat currencies, the PayPal Coin will be pegged with US dollars.
PayPal into Crypto Space
Earlier in October 2020, the payment giant became a crypto-friendly platform encouraging purchases in cryptocurrencies. And also enabling its U.S users to hold the coins. Thus, at present the PayPal team supports top digital currencies like Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Similarly, PayPal has prior experience in crypto markets by inaugurating new features and services to buy and hold the digital assets. As cryptocurrencies are receiving a huge popularity in all business sectors, PayPal very smartly explores and expands its market presence in crypto space.
Moreover, the senior vice president of cryptocurrencies at PayPal community, Jose Fernandez da Ponte shares
“PayPal is ready to launch our own stablecoin. And for further processes to move forward we will work closely with the relevant crypto regulators. Thus, stablecoin would need to support PayPal’s payment use with high security.”
Furthermore, the first person to initiate the idea to launch PayPal’s native stablecoin is Developer Steve Moser. He brought in innovative ideas to be a part of the crypto community. Thus, Moser shares his view with Bloomberg stating the hidden code and images pointing out that the PayPal coin is going to be backed by US dollars.
Thus, not only PayPal is launching its own coin, but also other popular fintech companies are emerging around exploring their native coins. For instance, Meta Platforms Inc., formerly Facebook, has been helping to develop a stablecoin named “Diem ”. And in recent months, Visa Inc also allowed a stablecoin to peg with US dollar for transacting within its network.