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. » But a company spokesperson said the code Moser found resulted from a hackathon, so it’s not considered final.
