PayPal Stablecoin Aims To Normalize Crypto Payments

A PayPal stablecoin will aim to normalize crypto payments, as the company announced it is exploring this venture but here’s how experts see the impact of the coin, reading further in our cryptocurrency latest news.

PayPal confirmed that it is exploring a stable coin that can be called PayPal coin after a developer found evidence of these stablecoins in the source code of the company’s iPhone app. PayPal senior vice president of crypto and digital currencies Jose Fernandez da Ponte said that if the company plans to move ahead with the stablecoin, it will do so while working with regulators whcih is an approach that can help the company avoid the wrath of the US senators that doomed Meta’s Diem crypto proejct.

The company clarified that the source code found on the iPhone app was developed in an internal hackathon. The potential impact of a PayPal stablecoin in payments in the crypto industry is hard to estimate while some experts see the company’s move as a positive one for the entire crypto space while others believe the stablecoin will be the same. It is clear that a traditional finance company moving into the crypto sector and launching the stablecoin differs from the crypto company launching a stablecoin. The traditional finance companies serve users that don’t deal with crypto wallets or the volatility in the space. PayPal has more than 350 million active users and allows users in the UK and US to buy and sell BTC, ETH, BCH, LTC while enabling payments in these assets.

While it is unclear how many of the PayPal users paid with crypto, it is known that stablecoins are a tool used to trade and take advantage of opportunities in the DEFI space. PayPal pushed into the crypto industry with the launch of a stablecoin that could see other banking and payments companies explore the blockchain technology some more according to the CEO of Veem Marwan Forzley. He said that stablecoins will become a part of the global payments scheme, like money in a secure environment with on and off-ramps and different applications:

“PayPal Coin could fuel general interest in payments overall. Consumers and small businesses alike are looking for a safe and reliable alternative to traditional currencies and payment networks.”

The CEO of blockchain search engine Elementus Max Galka also agreed with Forzley’s assessment and noted that with the globally recognized platforms like PayPal supporting crypto, stablecoins are also put in a trusted realm for a huge chunk of the population. To Galka, PayPal launching its own stablecoin means that it will be open to more people that haven’t had the inclination to figure out this niche:

“Right now, there aren’t that many well-established, trusted organizations in this space where trust is such a critical component. PayPal would be one of the first major financial companies to embrace crypto.”

Source: https://www.dcforecasts.com/altcoin-news/paypal-stablecoin-aims-to-normalize-crypto-payments/