Payments giant PayPal (NASDAQ: PYPL) is allegedly mulling launching its own digital token, in a further step to embrace crypto technology.
PayPal’s plans for launching a stablecoin were first uncovered by developer Steve Moser, who, after discovering it in PayPal’s payment app, revealed the news to Bloomberg. “We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators,” PayPal head of crypto department Jose Fernandez da Ponte later confirmed in a statement.
According to Moser’s findings, the stablecoin will be called ‘PayPal Coin,’ and will be backed by the US dollar. A spokesperson for the payment company said the crytocurrency is still only in the development stage at its blockchain, crypto and digital currencies division, and features are still subject to change before the official launch.
Information for this briefing was found via Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.