PayPal, one of the biggest global online payment providers, has confirmed ready plans to establish its dollar-pegged digital asset as part of its future crypto development plan.
According to a Bloomberg report published on January 7, the global online payment platform is currently exploring a possible dollar-pegged “PayPal Coin.”
Stablecoins are digital assets backed and priced by the current value of a fiat currency like the U.S. dollar or a commodity like gold. Steve Moser, a renowned crypto developer, discovered hidden files in PayPal’s iPhone app and shared details with Bloomberg News.
In a short interview, José Fernandez da Ponte, the senior vice president of crypto and digital currencies at PayPal, confirmed crypto advancement claims, stating:
“We are exploring a stablecoin; if and when we seek to move forward, we will, of course, work closely with relevant regulators.”
In that context, the PayPal stock market reacted slightly to the news, with its share rising 0.5% in after-hours trading.
The global payment platform hinted about a possible crypto coin in March last year, with speculation reportedly confirming ongoing talks with Ava Lab, the team behind Avalanche blockchains.
At the time, in a blog post, the PayPal spokesperson said:
“PayPal continues to explore the potential of digital currencies, digital financial services infrastructure, and how we can help enhance digital commerce as a trusted partner in the space.”
PayPal now joins the list of global giant tech firms exploring their crypto coin like Facebook that moved its Diem digital currency project to the United States in May 2021.