At the end of last year, WhatsApp has carried out dynamic integration efforts to be able to touch the crypto sector through the launch of the Novi digital wallet.
As a result, this has triggered reactions from various other sectors to be able to carry out similar convergence efforts in the crypto sphere.
One of them is what a multinational financial company from the United States, PayPal, has done along with reports that it wants to launch its own stablecoin.
So, what is the reason PayPal chose stablecoins in the form of crypto exploration, Jzeys?
About PayPal Coin
Reporting from Newsweek , right on Sunday, (09/01/2022) PayPal Holdings Inc. represented by PayPal Senior Vice President of Crypto and Digital Currencies Jose Fernandez da Ponte has just given an open statement on his side that has made efforts to start exploring stablecoins.
Jose added that the exploration efforts and plans to create their own stablecoin are considered as a form of PayPal's exploration in order to be adaptive to the growing crypto market.
In a podcast uploaded by Unchained last November, Jose actually gave signs of PayPal's initiation in creating this stablecoin.
Jose revealed that the reason PayPal chose stablecoins as a form of exploration was based on the lack of visible use of stablecoins specifically for payments so far, even though these stablecoins have a lower level of volatility because they are backed and rewarded with fiat currencies.
But separately, a developer and crypto activist named Steve Moser just discovered hidden codes and images that are allegedly PayPal stablecoins shortly after the public information was submitted.
Steve saw an inscription PayPal Coin which was also accompanied by a logo that looked like the original PayPal logo but added two horizontal lines running through it.
Furthermore, Steve also has a prediction that the stablecoin owned by PayPal is likely to be pegged to the US dollar as when he gave a statement to Bloomberg.
However, PayPal deftly provided information on the discovery of the code and image while in its defense explaining that the discovery was only the result of an internet hackathon.
PayPal also added that it has no concrete targets for practical implementation so far as network security assurances are being worked out so that the planned stablecoin can support large-scale payments.