PayPal explores PayPal Coin stablecoin launch
PayPal is looking to launch its own stablecoin named PayPal Coin.
Jose Fernandez da Ponte, PayPal’s SVP of Crypto and Digital Currencies, told Bloomberg News: “We are exploring a stablecoin. If and when we seek to move forward, we will, of course, work closely with relevant regulators.”
PayPal is in the midst of a major cryptocurrency push, which has included allowing people to buy and hold the digital coins and also pay for purchases using the monies.
Dan Schulman, President and CEO, PayPal, said in 2020: “The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly.”
"Our global reach, digital payments expertise, two-sided network, and rigourous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption and interoperability of these new instruments of exchange.”
He added: “We are eager to work with central banks and regulators around the world to offer our support, and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce."
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