According to Bloomberg, it looks like PayPal are getting ready to launch their own stablecoin cryptocurrency after evidence of such was found inside their app by developer Steve Moser.
Soon after the discovery, PayPal confirmed to Bloomberg that this was indeed true. So, PayPal will be launching their own stablecoin, a cryptocurrency with a stable price linked to an external reference such as a real-world currency.
“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators,”
– Jose Fernandez da Ponte, senior vice president of crypto and digital currencies, PayPal
What does this mean for consumers?
PayPal have been slowly advancing their global crypto capabilities, just last year they began giving UK customers the ability to buy, hold and sell cryptocurrency. What makes this discovery particularly interesting is the fact that they are launching a stablecoin, which is, well, stable. Could this move from PayPal give crypto a bigger push into the ecommerce structure?
Although many are very aware of cryptocurrency, some are not and others don’t dare tread into it due to its turbulent nature. By using stablecoin PayPal is effectively giving the average consumer a digital currency that they can learn to trust, providing PayPal are able to show the less tech-savvy consumers that they can in fact trust it, understand it and get along with it.
