US fintech giant PayPal Holdings has reportedly confirmed its intention to launch its own multi-tier coin called PayPal Coin. The development of an internal stablecoin was first discovered in the source code of the PayPal iPhone application by developer Steve Moser.

Jose Fernandez da Ponte, PayPal’s senior vice president of crypto and digital currencies, confirmed to Bloomberg News the evidence in the PayPal app:

“We are looking into the stablecoin; if and when we try to move forward, we will of course work closely with the relevant regulators. ”

The PayPal Coin logo is located inside the PayPal app. Source: PayPal iPhone App.
Moser’s discovery revealed that PayPal is in the process of creating a PayPal Coin that will be backed by US dollars. However, a PayPal spokesperson explained that the source code for the iPhone app was developed during a recent hackathon.

During the production of PayPal digital assets, the internal token name, logo and features may change prior to launch. To support its ongoing development, PayPal has previously launched new features that allow users to buy, store, and pay with cryptocurrency.

Da Ponte also noted in a November 2021 interview that PayPal “has not yet seen a stablecoin specifically designed for payments.” Stablecoins must support large-scale payments to keep the network safe, he said, adding:

“There is a need for clarity on the rules, regulations and types of licenses required in this area.”
Related: PayPal Completes Cryptocurrency Rollout For UK Customers

In addition to launching its own stablecoin, PayPal has also taken active steps to roll out crypto services in jurisdictions outside of the United States.

In September 2021, the company announced the introduction of new Bitcoin trading services in the UK market. As reported by Cointelegraph, clients can trade major cryptocurrencies including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

Source: CoinTelegraph