PayPal is determined to go further deep into the crypto-space and has decided to launch its own Stablecoins. The largest online payment processor in the world has held several discussions with stablecoin developers. One of those developers mentioned is blockchain specialist Ava Labs. The site signals that the company could be asking the partners to involve such currency. Traditional Cryptocurrency and the Stablecoin Unlike traditional digital currencies like Bitcoin, and Ethereum which can survive as a stand-alone instrument, the stablecoins are pegged to the “real world” currencies. For example, the U.S. dollar. Having pegged with the fiat, the currency is observed to be more stable. However, in practical terms, there is no such term as “stable”, even the toughest cryptocurrencies can experience volatility in prices depending upon the market situations and other influences. In a recent media article on the crypto news website, ‘The Block’, the website blog reported “The four sources with knowledge of the situation.” PayPal Response to The Block In responding to the article by the Block, an anonymous representative of PayPal stated that; “As a global company working with regulators and industry partners throughout the world to shape the next generation of financial systems, the company is in frequent conversation about technologies that enable these goals.” “However, rumors and speculation are not predictive of the company’s plans,” the PayPal official added. One of the article’s sources said that; “PayPal likely favors working with an outside developer, rather than building a stablecoin in-house, as it will get a product to market faster.” PayPal has turned more and more ambitious in pushing cryptocurrencies to a larger extent. Later in the year 2020, the largest payment processor declares facilitating its account holders to transact in popular cryptocurrencies. Users can make use of PayPal’s mobile application and Company’s popular peer-to-peer technological platform Venmo.
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