It’s expected to be called PayPal Coin and backed by the US dollar.
PayPal has reportedly confirmed that it’s working on a stablecoin. A developer named Steve Moser discovered references to something called “PayPal Coin” within PayPal’s iOS app. Bloomberg asked the company for more details, and PayPal senior vice president of crypto and digital currencies Jose Fernandez da Ponte confirmed Moser’s findings. “We are exploring a stablecoin,” Fernandez da Ponte told Bloomberg, “if and when we seek to move forward, we will of course, work closely with relevant regulators.
