There have been many articles about PayPal in the crypto industry in the past, and the platform has been able to grow the market many times. Recently, however, comes some important information with the company, which says that PayPal is trying to create its own stablecoin, the meaning of which would be similar to, for example, BUSD or USDT. This information is also confirmed by Bloomberg after the developer found evidence of the stablecoin code in the PayPal application, which should allegedly be called “PayPal Coin”.
These speculations were subsequently confirmed by PayPal’s senior vice president of crypto and digital currencies, Jose Fernandez da Ponte, who said the coin was currently under development, and of course, they then have to work closely with the relevant regulators. However, Jose adds that “he has not yet seen a stablecoin that would be purpose-built for payments,” making PayPal Coin the first of its kind. Of course, PayPal Coin is expected to be covered by the US dollar.