PayPal exploring launch of a stablecoin
After a developer named Steve Moser found hidden code and images for a "PayPal Coin" in his app that showed the U.S. dollar would back the coin, he shared them with Bloomberg. Jose Fernandez da Ponte, SVP of crypto and digital currencies at PayPal, confirmed to Bloomberg that the online payment provider is considering a stablecoin. He also said the company would work closely with relevant regulators.PayPal has been very active in the crypto space recently, increasing the number of cryptocurrencies held by its customers. The company has also invested in educating its users about cryptocurrencies and ensuring that they can safely withdraw their cryptocurrencies to third-party wallets. However, it's worth noting that the images and code in the PayPal app came from a recent internal hackathon. This event involves engineers working together to quickly research and develop new products that may never be released.
Stablecoins are on the rise
The stablecoin market has grown over the past year. The supply of dollar-backed cryptocurrencies increased by 388%. The most popular stablecoin is Tether (USDT). According to Coingecko, Tether has a market cap of $78 billion, making it the third-largest digital currency after Bitcoin and Ethereum. Other stablecoins include USDC, UST, DAI, FRAX, and MIM.Several factors have contributed to the increase in the outstanding supply of stablecoins. Professional traders have historically used Stablecoins to store their cash when trading between different cryptocurrencies. In 2021, retail traders began using Stablecoins on decentralized finance protocols to earn a yield on their dollars on platforms like Curve Celsius and Blockfi, opening the market to a new audience. It looks like Paypal wants to tap into that audience.
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