After a developer (Steve Moser) discovered signs of such a stablecoin within the source code of PayPal’s iPhone app, the company acknowledged on January 8 that it is ‘exploring a stablecoin’ that may be dubbed PayPal Coin (backed by the US Dollar). According to the company, the source code discovered on the iPhone app was developed in an internal hackathon. Senior vice president of cryptocurrency and digital currencies at PayPal, Jose Fernandez da Ponte said that if the company expects to press forward with the stablecoin, it will do so while working closely with relevant regulators. This approach could help the fintech company avoid the wrath of US senators that killed Meta’s Diem cryptocurrency project. He added that stablecoins provide “a really intriguing opportunity to have significant payment activity on new rails, whether that’s on CBDCs, private stablecoins or something else — which is very close and very core to our business.” Mass Adoption of Crypto Volatility is, without a doubt, the most serious issue with all cryptocurrencies. It’s what’s preventing many large – and small – companies from implementing this form of the payment system. Stablecoins, on the other hand, might be the answer. ‘Stablecoins are virtual currency,’ explains Bob Mason. Unlike Bitcoin (BTC) and Litecoin (LTC), the values of these coins are tied to traditional assets. For instance, the US Dollar, in the case of USD Tether (USDT), or gold, in th...
