Paypal has been one of the largest payment platforms worldwide. The ease of connecting digital payments has positioned it as the largest company or brand to gain a foothold in the market. The company is now undergoing the transformation to cryptocurrency and has been developing its own stablecoin.
Paypal's senior vice president of cryptocurrencies and digital currencies, José Fernández da Ponte, confirmed, through Bloomberg, the research being conducted to help the company achieve the expected progress. Regarding this, he stated, "We are exploring a stablecoin; if and when we move forward, we will of course work closely with the relevant regulators."
On the one hand, the research and creation processes remain to be seen; what is certain is that a name and logo will already be ready. On the other hand, the characteristics of the company's internal token are subject to change before the expected launch. In the meantime, customers can continue to buy, pay, and make digital purchases with the tool.
It should be noted that PayPal has previously allowed its US users to pay with cryptocurrency, in addition to increasing its cryptocurrency purchase limit during 2021. Regarding these developments, expectations are directed toward a possible future, which could also be positioned with its own stablecoin.