A single crypto regulator to appear in the EU Hotels in Maldives and Thailand accept crypto payments PayPal added bitcoin support to its mobile app Corporations invested more than $6 billion in crypto industry in the last 10 months DeFi-platform Velodrome accuses crypto sleuth of stealing $350k S&P Global dropped Coinbase rating to a speculative level BitGo will seek $100 million for Galaxy Digital refusal to acquire crypto platform Brazilian crypto exchange blocked customer accounts and fired staff Celsius Network’s debts is more his assets for $2,8 billion

PayPal started developing its own stablecoin

PayPal started developing its own stablecoin

PayPal Holdings, the U.S. fintech giant, has confirmed its plans to create its own stablecoin, pegged to the U.S. dollar currency exchange rate. The project's name is PayPal Coin. 

Why is it so important?
- The development of its own Stablecoin could boost PayPal's stock.
- Other stablecoins may drop in value following the emergence of a strong new competitor. 

According to Cointelegraph, developer Steve Moser was the first to detect the development of an in-house digital coin in the source code of PayPal's iPhone app. Later, Jose Fernandez da Ponte, PayPal's senior vice president of crypto and digital currencies, confirmed the developer's assumptions. Earlier, the company had already launched a number of features that allow users to buy, store and exchange some digital coins. 

We recall that PayPal was previously part of the Libra Association, an organization created by Mark Zuckerberg. He planned to create his own cryptocurrency Libra (now Deim), and distribute it through his applications. However, the U.S. Congress cracked down on his idea, bringing the Facebook founder to a public hearing. After that, in October 2019, PayPal became one of the first companies to leave the project, stating that they would try to take up the field on their own. 

Related:
EOs from eight major cryptocurrency companies will testify before the U.S. House Financial Services Committee
PayPal's capitalization fell by $28 billion following the quarterly report
 

0
Is there an error in the article?
To report