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Evidence has emerged that payments giant PayPal is in the process of building a stablecoin backed by US dollars.
On the morning of January 8, the newspaper Bloomberg Reporters have discovered several lines of code in PayPal’s iOS app that refer to something called “PayPal Coin”. The accompanying information shows that the coin is a stablecoin backed by US dollars.
PayPal is exploring the launch of its own stablecoin, according to the company, which confirmed the development after evidence of the move was discovered inside its iPhone app https://t.co/s9Ib61k0Xm
— Bloomberg (@business) January 8, 2022
However, commenting on the above findings, a PayPal spokesperson said the above lines of code came from an internal hackathon of the company, which was held recently. Specifically, this is a contest under the blockchain, crypto and digital currency division of PayPal to find new solutions that have potential for the company, but are not 100% certain that they will be implemented.
Even so, answering the interview CoinDesk In September, a representative of PayPal acknowledged that the payments giant is focused on developing stablecoins and that if it decides to launch the idea, it will first have to get a nod from US authorities.
PayPal is one of the most crypto-friendly names in the payments space. In November 2020, the company announced that it would accept payments in 4 major cryptocurrencies, namely Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH), and then expand to include the app. use their Venmo wallet in 2021.
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