Hey there,
in the following is a quick update about Paypal and its stablecoin ambitions.
Some call PayPals stablecoin ambitions the best-known secret in the crypto industry. As recent news show "PayPal has held exploratory talks about launching a stablecoin"[1] A spokesperson of PP told the following "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 future plans,” the spokesperson said. "[1]
Furthermore “...it looks like they’re more likely to do something with an existing stablecoin partner rather than build something themselves, because I think that that would get something to market faster, and I think that’s their primary concern,”[2] I think we could see them doing something with like USDC or Thether which both are built on Ethereum(even more bullish for ETH) or some other project maybe.
What are stablecoins? [3]
-> Stablecoins are digital assets that represent fiat or government-backed currencies, using a blockchain network as a payment rail.
-> more than $80 billion in stablecoins circulating in the market today
-> Big stable coins: Thether, USDC or even the Binance USD
Anyway Paypal moving up towards a stablecoin is bullish news for crypto in general as we do see more and more adoption. Great times for crypto!
What do you think? Let me know by leaving a comment
Thank you for your time
[1]: https://www.fool.com/investing/2021/05/04/paypal-reportedly-considering-its-own-stablecoin/
[3]: https://cointelegraph.com/explained/stablecoins-explained
