PayPal Coin: What is it and could it transform payments?

cnbctv18.com:

Payments giant PayPal in early January confirmed it is exploring the possibility of releasing its native stablecoin. The new cryptocurrency could be christened PayPal Coin.

According to sources, the indication of such a stablecoin was embedded deep within the source code of the company’s iOS app.PayPal has confirmed the existence of such a code within the app to Cointelegraph. Jose Fernandez da Ponte, Senior Vice President of Crypto & Digital Currencies at PayPal, also said the company would work closely with regulators while moving forward with the stablecoin project.

This will help the organisation avoid a crackdown by US senators, like the one on Meta’s Diem project.Can the PayPal Coin standardise crypto payments?Players in the conventional financial sector usually steer clear of the highly volatile crypto markets and affiliate only with users outside this space. Unlike other crypto-native firms that have been dabbling in this space for a while, a move by a traditional finance firm into the crypto universe warrants the need for us to delve deeper.With 350 million active users, PayPal has already forayed into crypto in the USA and the UK, allowing customers to transact with and hold cryptocurrencies.

Currently, it is only limited to Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). While the number of crypto payments facilitated by PayPal remains a blur, it is worth noting that stablecoins allow users to take advantage of the volatility associated with developments in the decentralised finance (DeFi) space.Also Read: What are Stablecoins, how they work, how to buy themIn a conversation with Cointelegraph, Marwan Forzley, CEO of online payments platform Veem said that stablecoins will “likely become a