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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. 

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

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