PayPal considering creating a PayPal Stablecoin?

First, lets do some research

I read of this recently and decided to do my own research and find if this was true. I checked multiple sources and this is what I found out:
Bloomberg Financial News
CNET
TechSpot
PCMag
The Motley Fool

Bloomberg:

“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators,” Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at PayPal, said in a statement to Bloomberg News.

CNET

PayPal confirmed to Bloomberg. Developer Steve Moser dug around in the PayPal app and discovered evidence that the company was tinkering with a cryptocurrency called "PayPal Coin" backed by the US dollars. Moser also found references to another cryptocoin, Neo, in PayPal's iOS app, he noted on his site, The Tape Drive. PayPal currently supports buying, selling and holding Bitcoin, Bitcoin Cash, Ethereum and Litecoin cryptocurrencies.

It's not clear how much PayPal has developed its stablecoin, though the code evidence, including a PayPal Coin logo found in the app, were the result of an internal hackathon, a company spokesperson confirmed to Bloomberg. Presumably, the name and details could change if PayPal moves forward with its cryptocurrency.

TechSpot

Evidence of PayPal Coin found in company's iOS app. A reporter Steve Moser discovered evidence of a coin called PayPal Coin within PayPal’s iOS app. When reached for comment by Bloomberg, Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at PayPal, said the company was exploring a stablecoin, adding that if and when they seek to move forward, they will work closely with relevant regulators on the matter.

PCMag

PayPal has reportedly confirmed that it's working on a stablecoin. A developer named Steve Moser discovered references to something called "PayPal Coin" within PayPal's iOS app. Bloomberg asked the company for more details, and PayPal senior vice president of crypto and digital currencies Jose Fernandez da Ponte confirmed Moser's findings. "We are exploring a stablecoin," Fernandez da Ponte told Bloomberg, "if and when we seek to move forward, we will of course, work closely with relevant regulators." But a company spokesperson said the code Moser found resulted from a hackathon, so it's not considered final.

The Motley Fool: The Ascent

· >On Friday Jan. 7, PayPal publicly confirmed its intentions to launch its own cryptocurrency stablecoin.
· The company has also affirmed that the "PayPal Coin" would be staked to the U.S. dollar.
· No other details were provided from PayPal on follow-up regarding possible timing of a launch or whether it would be available on centralized exchanges such as Coinbase or Gemini. PayPal confirmed the announcement, responding to our inquiry for comment.

"We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators," per PayPal's official statement via email to The Ascent by The Motley Fool.

BizJournals

“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators,” Jose Fernandez da Ponte, PayPal's senior vice president of crypto and digital currencies at PayPal, said in a statement to various media outlets on Friday.

Bloomberg was the first to report on the development, which it discovered in PayPal's app. Here's more from Bloomberg:

Evidence of the company’s exploration into building a stablecoin was first discovered in PayPal’s app by developer Steve Moser and shared with Bloomberg. Hidden code and images show work on what is dubbed a “PayPal Coin.” The code indicates such a coin would be backed by the U.S. dollar.

A PayPal spokeswoman said that the images and code inside of the PayPal app stemmed from a recent internal hackathon — an event in which engineers team up to quickly explore and build new products that may never see a public release — within the company’s blockchain, crypto and digital currencies division. That means the ultimate logo, name and features could change in its public product form.

My thoughts

It is perhaps no coincidence that a few months after the Congressional Hearings with the CEOs of several US Cryptocurrency companies like Coinbase, FTX, US Tether and others that there is great interest in stable coins, the cryptocurrency tokens which are usually worth a stable value of one dollar and are the most traded cryptocurrencies in the world, with billions of dollars of volume on more than 40 cryptocurrency exchanges worldwide. The value of stable coins is self-evident by their volume traded daily and their ubiquity throughout the cryptocurrency world. All exchanges have some form of stable coin, be it USDT, USDC, Dai, BUSD or GUSD. Some list popular stable coins and some create their own. It appears they are not only popular but profitable also.

To the uninitiated they appear to be no big deal, but to the trader and crypto aficionado the ability to transmit value at the speed of the internet in amounts in the millions, across country borders and banking jurisdictions with little to no regulation is an amazing thing, which nurtures commerce.

While many fear such tools will be put to evil or dishonest use, one only has to look to the dollar to see that untraceable dollars are used in more crimes then perhaps traceable stablecoins ever will. Any crook who does a small modicum of research will discover that for crime and transferring value from crime, the US Dollar is the best vehicle by far; universally acceptable, universally spendable and essentially untraceable due to changing hands so frequently. It’s the perfect medium to transfer value, when you don’t want your government to know what you are doing.

So PayPal, which is one of the leading digital money transfer specialists for the US Dollar and other currencies has decided that the regulatory framework and the political and regulatory headwinds are favorable for this plunge into cryptocurrency, which could transform the money transfer business overnight. The speed, reliability and traceability of money transfers via USDT or USDC or Dai are legendary. The possibility of reducing the huge worldwide inventory of physical locations and large deposits of cash, which attract criminals has to be very attractive to the PayPal parent company. The prospect of increasing sales and reducing costs simultaneously is attractive in any business. But the possibility of 10x or 100x your business volume and reducing costs by several magnitudes sounds even more tempting.

I wager that we may look back on this as a major turning point in world finance 4-5 years from now, and ten years from now, when students study about the money transfer system and discus life before stable coins they will shake their heads in disbelief that we ever had a archaic system like we have now.
The future is upon us, change is accelerating rapidly, we must all keep up, change or be left behind.

The end… for now..@shortsegments