January 11, 2022

PayPal Confirms Stablecoin Project ‘PayPal Coin’!

 PayPal is advancing again in the crypto industry after confirming they want to launch stablecoin.

It is understood that the coin - ‘PayPal Coin’ will be based on the US dollar and users will have the opportunity to pay lower transaction costs when using the PayPal service.

According to PayPal's vice president of digital currency and cryptocurrency, Jose Fernandez da Ponte, the project will of course be implemented according to the guidelines set by the supervisors.

The presence of stablecoin is seen to further facilitate the adoption among retailers and customers who do not like crypto due to volatile prices.

In fact the project was inadvertently discovered through the PayPal app code that was present due to a recent hackathon program.

Following the discovery, PayPal finally revealed that they are trying to develop stablecoin.

As you know, this payment giant has long been involved in the crypto sector and is still looking for room to further expand its crypto exposure.

In addition to PayPal, Meta also has a stablecoin known as ‘Diem’. Visa in recent months has allowed access to US dollar -backed stablecoin in every transaction in its network.