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Cryptocurrency backed by US Dollars to be Launched by PayPal

After traces of the move were discovered on its iPhone app, PayPal revealed on Jan. 7 that it is planning to establish its own stable coin cryptocurrency backed by the US dollar.

The Tape Drive programmer Steve Moser uncovered evidence of an experimental cryptocurrency named "PayPal Coin" in the PayPal client, which he shared with Bloomberg.

“We are exploring a stable coin; if and when we seek to move forward, we will, of course, work closely with relevant regulators,” said Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at PayPal, in a statement to Bloomberg News.

11 Jan 2022


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