Mark Gurman and Jenny Surane report in bnnbloomberg.ca that "PayPal Holdings Inc. is exploring the launch of its own stablecoin as part of its cryptocurrency push, according to the company, which confirmed the development after evidence of the move was discovered inside its iPhone app.
“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 at PayPal, said in a statement to Bloomberg News. Stablecoins are cryptocurrencies backed and priced by the value of an existing currency or commodity.
Fernandez da Ponte said recently that the company has “not yet seen a stablecoin out there that is purpose-built for payments.” For PayPal’s use, a stablecoin would need to support payments at scale and have security, he said.
“There would have to be clarity on the regulation, the regulatory frameworks, and the type of licenses that are needed in this space,” he said."
Source credit and full story - https://www.bnnbloomberg.ca/paypal-explores-launch-of-own-stablecoin-in-crypto-push-1.1704663
Now all the big techs want to enter the crypto world and have their own tokens and ecosystems but on their own terms meaning as centralized systems which is
a contradiction. All their efforts will help the adoption of crypto move faster. Only time will tell whether their centralized systems will be able to compete and win against decentralized systems.
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