PayPal, an American e-commerce company, is considering launching its own Stablecoin as part of its cryptocurrency efforts.
Jose Fernandez da Ponte, People Senior Vice President of Cryptocurrencies and Digital Currencies, in a statement “Tell Bloomberg,” he said.
We are considering creating our own StableQueen. Certainly, whenever we want to move forward in this field, we will work closely with the relevant regulatory bodies.
In explaining Stable Quinn, we can say; There are cryptocurrencies that are backed up and priced by the value of an existing currency or commodity.
Evidence from Stable Kevin People
There has also been evidence in the past of the company’s decision to build a stable coin. For the first time, a developer named “Steve Moser” saw such a thing in the People app and shared it with Bloomberg. His shared documents showed secret code and images of a project called the “People ‘s Coin” backed by the US dollar.
According to a company spokesperson, the images and code inside the app were derived from People’s recent internal hackathon (developer event for software development) in the blockchain and cryptocurrencies section. However, the final logo, name and features revealed by the developers could eventually be made available to users in a different way.
People, one of the largest financial institutions, has made a lot of efforts in the field of cryptocurrencies in recent months, for example, allowing users to buy, sell and hold bitcoins and other cryptocurrencies.
Da Ponte also recently explained in the Unchained podcast that a StableCoin to use PayPal must support real-scale payments and be secure. He added that “there should be sufficient transparency in the regulations, regulatory frameworks and the type of permits required in this space.”
Finally, it should be noted that People is not the first technology giant to decide to build its first StableQueen. Meta, also known as Facebook, has launched its own Stam Coin called Diem, and Visa Card, a supercomputer, launched transactions with a US dollar backed Coin earlier this year.