Leading payments company PayPal considers releasing its stablecoin. As per a report by Bloomberg, the company is exploring a digital currency pegged to the US dollar.
Related: PayPal Allows U.S. Clients to Pay Merchants with Crypto
At the moment, details of the project development aren't known. Paypal's senior vice president of blockchain, crypto, and digital currencies unit, Jose Fernandez da Ponte, told Bloomberg that although the idea is exploratory, and there are no certain plans for implementation, it's very serious. He said the goal is to build a stablecoin especially made for payments.
The executive noted that if approved, the company will make sure that the coin corresponds to all regulatory rules and has all the needed licences. First, Paypal's goal to launch a stablecoin was found out by developer Steve Moser, who discovered the logo in the IOS app. In the written code, the coin was called PayPal Coin, however it may change at the time of launch.
Moser also informs that the code indicates the possibility of PayPal's adding NEO cryptocurrency, which is the native coin of the smart contract platform Neo.
Presently, PayPal allows users to pay merchants in Bitcoin, Bitcoin Cash, Ether, and Litecoin.The news came amid the crypto market pullback, where most cryptos saw price declines. The move indicates that the interest in the crypto industry continues to stay high.