The development of an in-house stablecoin was discovered in the source code of Paypal's iPhone app.
PayPal is looking into the possibility of releasing its own stablecoin as the payment process company continues to push its way into the world of cryptocurrency.Bloomberg
News on Friday:"We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators." The development of an in-house stablecoin, a cryptocurrency with value connected to a more stable currency or commodity, was first discovered in the source code of PayPal's iPhone app by developer Steve Moser.which reported that coding indicates such a coin would be pegged by the U.S. dollar and named PayPal Coin.
Moser said that images and references to Neo cryptocurrency were also found in the PayPal's app, which already currently supportsThe PayPal Coin logo looks like PayPal's original logo but with two horizontal lines going through it, the news outlet reported.The internal event saw teams of engineers come up with new ideas and developments which may never actually see the light of day within the company's blockchain, crypto and digital currencies division.
A PayPal spokeswoman said this means the final product, such as the stablecoin's name, design and features, may yet change when it is made public.
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