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Sputnik explains complex economic processes in simple words.
Online payments giant PayPal is launching a stablecoin that can be pegged to the US dollar. The default logo for the new token already appears in the platform app icon.
“We are exploring a stable cryptocurrency. If and when we are looking to move forward, we will of course work closely with the relevant regulators,” PayPal Vice President of Crypto and Digital Currencies told Bloomberg. Jose Fernandez da Ponte, without giving more details about the initiative.
It was the developer Steve Moser who discovered the logo and name of the new cryptocurrency, PayPal coin, in the source code of Implementation for the iOS platform.
The supposed logo of the digital asset is not much different from the PayPal logo itself and is accompanied by two horizontal lines. The symbol also indicates that the cryptocurrency will be backed by US dollars.
In March 2021, PayPal allowed its US users to pay with bitcoin and other cryptocurrencies. At the time, the platform’s CEO, Dan Schulman, demonstrated the simple process of shopping online using cryptocurrency in a home video.
PayPal is not the first tech giant to explore launching its own digital assets. For example, Mark Zuckerberg Company, dead (formerly Facebook), co-developed by A stablecoin He called Diem, although in December the person in charge of the project, David Marcus, left the company.
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