PayPal is no longer just a company dedicated to facilitating payments to users internationally. This payment system of North American origin is launching a new digital currency, which according to some experts could surpass the dollar. It should be noted that since 2020, Paypal offers its users the possibility to store and exchange different cryptocurrencies with ease. Here is everything you need to know about Paypal stablecoin.

What to know about new PayPal stablecoin

This year, PayPal announced that it will remain in constant growth through the launch of its new stable cryptocurrency. This means that your currency will maintain parity with the US dollar and will always maintain the same value, making it a good source of investment. Stable cryptocurrencies or stablecoins are not subject to the volatility of other currencies, so they can be good for those starting out in the world of cryptocurrencies.

Investors use stable cryptocurrencies along with volatile ones, trading in a financial game that gives them good dividends. Likewise, they can be a good way to save in dollars and be in the cryptocurrency market at the same time. Now PayPal stablecoin is on the market, but this doesn’t just stay there. The company’s exploration within the cryptocurrency field is also intended for the performance of future roles within the broad world of blockchain.

The news about PayPal’s stable cryptocurrency…An accident?

Notably, the news about PayPal’s new stable cryptocurrency was an “accident”. It was all because a web developer named Steve Moser read the company’s code, finding the pertinent clues. It’s simple, since he noticed that PayPal was working on a new part of the code that will support a stable cryptocurrency. In addition, within the hints he also found a new PayPal logo indexed.

However, in response to this discovery, the company’s spokesmen pointed out that it was only an internal competition between PayPal’s blockchain programmers and nothing else. However, just three days later, one of the company’s officials confirmed the company’s intentions and said that more news would come in the coming weeks.

Similarly, the company’s senior vice president stressed that he is exploring a stablecoin and that they will work in collaboration with the relevant regulatory bodies. According to the information we have, the PayPal stablecoin would be called PayPal Coin. However, because the information has already come to light, developers could make changes to the logo design as well as its name.

PayPal has been buying different types of cryptocurrencies for months and getting more and more involved in this competitive market. It should be noted that the purchase of Ether, Bitcoin and Litecoin is only allowed within the United States, until now. It should be noted that this is not the first giant to venture to own its own cryptocurrency. A few months ago Facebook also noted that they are in the development of Diem.

What you should know about stablecoins

If you want to invest in cryptocurrencies and don’t know where to start, stablecoins are a good solution. Among the most popular you can find Theter or DAI and among its main features, we have to:

• They have greater stability compared to the most popular cryptocurrencies on the market. This is because they are backed by the dollar or the euro in most cases. They can also be associated with gold or some real estate.
• They serve as a good entry into the world of cryptocurrencies, if you are an inexperienced investor. Likewise, they serve as a refuge for the most experienced investors in the event of sudden drops in volatile cryptocurrencies.
• They are controlled through algorithms to be able to maintain the stability that characterize them. They are usually the best way to invest, be in the world of cryptocurrencies and at the same time have savings in dollars, gold or euros.
• Within the stable coins you can find those backed by FIAT money, by another cryptocurrency or by goods. There are also cryptocurrencies controlled exclusively by algorithms or smart contracts that regulate their price permanently.

Benefits of PayPal stablecoin

All of the above makes us wonder about the benefits of the new PayPal stablecoin. This could bring large numbers of customers, who are not yet using this service to receive payments for their work, for example. They will also be able to enter a competitive market, offering an alternative to the volatility of existing cryptocurrencies. There is still no great information about this stable cryptocurrency and in fact it is believed that the logo that was discovered within the code, will be changed.