PayPal, the American giant Fintech, has reportedly announced its decision to create StableQueen. The announcement was made some time ago by developer Steve Moser, who discovered the case by examining the source code of the IOSPP application.
According to Quintet Telegraph, Jose Fernandez Daponte, PayPal’s vice president of digital currency, confirmed the evidence in the platform’s app, saying in an interview with Bloomberg:
We are considering a stable coin. Whenever we want to take action in this regard, we will certainly work closely with the relevant regulators.
Moser’s findings show that PayPal is building its own StableCoin called PayPal Coin, which is backed by the US dollar and will be worth the equivalent of one US dollar. However, a company spokesman explained that the source code of the iPhone application has been developed in a hackathon.
While PayPal is building its own digital currency, its name, logo and internal token features will likely change before the project begins. With ongoing development support, PayPal has already developed new features that allow users to purchase, hold or use their own digital currencies for payment.
Daponte also mentioned in an interview in November 2021 that PayPal has not yet found a suitable stable coin for payments. According to him, a stable coin should support large-scale payments while ensuring network security. He also said there should be transparency about regulations, regulatory frameworks and the types of permits required in the workspace.
In addition to creating a new StableCoin, PayPal has taken precautionary measures to expand cryptocurrency services in jurisdictions outside the United States.
In September 2021, PayPal announced the launch of a new bitcoin trading service for the UK market. As previously reported, customers can trade major digital currencies such as Bitcoin (BTC), Ether (ETH), Light Coin (LTC) and Bitcoin Cash (BCH) in the market.