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Paypal Holdings Inc, the world’s largest payments company, has revealed that it is developing its digital currency, a stablecoin.

After developer Steve Moser discovered a secret code and pictures for a “PayPal Coin” in its app and shared it with Bloomberg, the firm revealed further details about its ambitions.

According to Steve’s findings, the Paypal coin will be backed by the US Dollar and may include the Paypal logo with two horizontal slashes across it. The corporation did not refute the accusations. According to Jose Fernandez da Ponte, PayPal is looking at creating a stablecoin, Senior Vice President of Crypto and Digital Currencies at PayPal. Jose also stated that if and when the firm decides to move forward, it would work closely with appropriate agencies.

Stablecoins are a cryptocurrency whose value is guaranteed by fiat currencies such as the US dollar or the euro. They are frequently utilized as the ‘fiat currency’ of the digital currency ecosystem since their prices do not fluctuate like those of other significant digital assets like Bitcoin and Ethereum. According to a Paypal spokeswoman, the codes discovered on Paypal’s iPhone App were remnants from an internal hackathon by the company’s blockchain, crypto, and digital currencies division.

In the United States, creating digital currencies is frequently governed by rigorous rules. As a result, many corporations have sought to launch a stablecoin for usage in the United States, the most renowned being Meta’s (previously Facebook’s) Diem Project. The Meta’s Diem project has yet to see the light of day, owing to the position of American authorities and widespread criticism.

When it came time to issue the GRAM tokens, other systems, such as the Telegram Open Network (TON), were met with stiff opposition from US officials. The social media site marketed the tokens to American investors as unregistered securities. The historical events in the United States have put doubt on Paypal’s efforts. However, because it is a financial services provider, the business has a higher chance of getting clearance to float the stablecoin.

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