The PayPal sources have confirmed that they are working on a stablecoin. Therefore, it is imperative to find out the potential influence of the PayPal coin.
The name of this new coin will likely be PayPal coin. Jose Fernandez, the PayPal veteran president of digital currencies and Crypto, said that if PayPal has intentions or plans to go with stablecoin in the future, they must have to work with the relevant regulators closely. This approach will assist them in curbing the United States senators’ wrath.
The company also clarifies that the source code noticed in the iPhone app was made in an internal hackathon. We can say that it’s pretty challenging to evaluate the impact of this stablecoin on payment methods and the cryptocurrency industry both. Experts have mixed opinions; some think it will bring positive changes while others believe it is nothing extra-ordinary.
Can Paypal Coin Has The Potential To Formalize Crypto Payments?
We know that PayPal is a conventional finance company with no crypto history. So, suppose such a company with zero crypto background will take a massive initiative by developing a stablecoin. In that case, there is a huge possibility that it will play a vital role in normalizing crypto payments.
Furthermore, it is worth mentioning that most of the customers of PayPal have no idea about the Crypto; therefore, this stablecoin will assist in making them comprehend the technicalities involved in it. Hopefully, more people will start trusting digital currencies.
In addition to this, it will encourage other banks and payments companies who were priorly working on traditional methods to switch to crypto payments.
How Will Paypal Overcome Regulatory Challenges?
It will surely be a huge challenge for PayPal to keep this system transparent and free of any irregularities. PayPal has a whopping number of clients who rely on them for payment, so it will be highly crucial to the authorities of PayPal to collaborate with relevant regulatory bodies to make stablecoin a big hit.
How The Stablecoin Advantage Paypal?
It will be a big achievement for PayPal because they will introduce stabecoin. Additionally, the usage of blockchain-like Solana will assist PayPal in saving a significant amount when it comes to transaction-related expenses. But it should be noted that the official has not confirmed whether they will deploy its stablecoin on Solana (SOL) or not.
The developer who found the code of PayPal’s Coin on the iPhone app of PayPal Company has tweeted and given hints that the company will likely introduce the stablcoins connected to the euro and pound in the application.
The actual influence a PayPal coin may have to rely on the implementation of the stablecoin by the company. This stablecoin tends to inculcate cryptocurrency into the traditional payment method. At the same time, there are also chances that it may become a flop, and people got offended by it due to the irregularities.
What are your thoughts about PayPal’s stablecoin? Feel free to share it in the comments section.