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PayPal Plans to Launch a Stablecoin Backed by U.S. Dollar -Breaking

by Mike Robinson

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PayPal plans to launch a stablecoin that is backed by the U.S. dollar

This Friday PayPal Holdings Inc (NASDAQ:). According to a Bloomberg News article, the company publicly stated its intention to launch its own stablecoin. According to Bloomberg, the payment giant is working towards launching its own stablecoin. It will be backed with the U.S. dollars. This expansion of its cryptocurrency offerings was discovered after the “PayPal Coin” graphic below was found on the company’s iPhone app.

In a statement to the media outlet, PayPay’s senior vice president of crypto and digital currencies reportedly said, “We are exploring a stablecoin; if and when we seek to move forward, we will, of course, work closely with relevant regulators.”

PayPal currently provides retail customers the opportunity to buy and sell a handful of cryptocurrencies, namely: , , , and specifically – with as little as $1, to start.

PayPal also offers small business a range of crypto solutions. PayPal offers small- to medium business accounts for more than 30,000,000 merchants. Customers can pay online or in-person through merchants’ accounts. PayPal allows owners to get loans and automate their bookkeeping.

As background, stablecoins are a type of blockchain-based digital money that’s pegged to non-blockchain physical assets such as fiat currencies, gold, or government bonds. It is believed that stablecoins are less volatile than crypto assets by being staked to an established resource like the U.S. dollars.

PayPal isn’t the first tech company to explore its own crypto-coin. Amazon (NASDAQ:) currently has a unique digital currency of its own that’s been around for years. It’s called AmazonCoins. It can be used for Amazon-hosted games and apps at the moment, however it does exist and is gaining traction in Amazon’s ecosystem.

The timeline for rollout and launch target dates were not mentioned.

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