Hidden PayPal code reveals the company might be creating its own Stablecoin cryptocurrency
Almost everyone nowadays is minting their own money and there are very few companies that aren't experimenting in the space.
Key takeaways
- 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.
- PayPal has engaged in a major cryptocurrency effort in recent months, launching new features to buy and hold the digital coins as well as the ability to pay for purchases using the monies.
Cite or link to this article
Griffin, M. (2022) 'Hidden PayPal code reveals the company might be creating its own Stablecoin cryptocurrency', 311 Institute, 15 January. Available at: https://www.311institute.com/paypal-code-reveals-the-company-might-be-creating-its-own-stablecoin-cryptocurrency/ (Accessed: 1 October 2026).
PayPal is exploring the launch of its own Stablecoin, a kind of cryptocurrency that’s tied to a physical store of value, in this case a sovereign currency, as part of its cryptocurrency push, the company has said, confirming the development after evidence of the move was discovered inside its iPhone app.
“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.
Unlike regular cryptocurrencies like Bitcoin and Dogecoin stablecoins are cryptocurrencies backed and priced by the value of an existing currency or commodity which makes them much more attractive to governments and regulators looking to capitalise on the benefits of “digital money” and other modern financial instruments like CBDC’s.
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 US 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.
PayPal has engaged in a major cryptocurrency effort in recent months, launching new features to buy and hold the digital coins as well as the ability to pay for purchases using the monies.
On the Unchained podcast, Mr Fernandez da Ponte said recently that the company has “not yet seen a stablecoin out there that is purpose-built for payments.” For PayPal’s use, a stablecoin would need to support payments at scale and have security, he said.
“There would have to be clarity on the regulation, the regulatory frameworks, and the type of licences that are needed in this space,” he added.
What this means for your organisation
Stability is what regulators accept.
Unlike freely floating cryptocurrencies, a stablecoin is backed and priced by an existing currency or commodity, which makes it far more attractive to governments and regulators. That is why incumbents are interested. Payment leaders should see stability, not novelty, as the route to approval.
Payments need a purpose-built coin.
Fernandez da Ponte says he has not yet seen a stablecoin purpose-built for payments, which would need to support payments at scale with security. Existing coins were built for trading. Firms should test candidate coins against their own volume and security needs.
Regulatory clarity is the gate.
He says there would have to be clarity on regulation, frameworks and the licences needed. Without it, nothing launches regardless of the technology. Leaders should track licensing regimes as the real timetable.
Three questions for your next leadership meeting
- Would a stable, backed coin change how we take payments?
- Do existing coins meet our volume and security needs?
- Which licences would we need before we could use one?
The trends and technologies behind this story
From the 311 Starburst, the 311 Strategic Intelligence Unit’s map of the technologies and trends shaping the next 50 years.
Analysis by the 311 Strategic Intelligence Unit, from Matthew Griffin’s article and 311 data. First published on Fanatical Futurist.
FAQ
Why does this matter?
Almost everyone nowadays is minting their own money and there are very few companies that aren't experimenting in the space.
About the author
Matthew Griffin Founder, President and Futurist, 311 Institute
Matthew Griffin is a multi-award winning Futurist and expert in Disruption and Innovation, Geopolitics, Leadership, and Technology, who NASA have described as a "walking encyclopaedia of the future" and a "futurist Polymath."
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Matthew Griffin is a multi-award winning Futurist and expert in Disruption and Innovation, Geopolitics, Leadership, and Technology, who NASA have described as a "walking encyclopaedia of the future" and a "futurist Polymath." 17-time best selling author of the "Codex of the Future" series, Matthew is the Founder, President and Futurist of the 311 Institute, a global Futures and Deep Futures advisory firm working with royal households, world leaders, G7, G20, and G77 governments, NGOs, and multi-national mid and mega cap firms to help them explore, shape, and lead the next 50 years of business and society.
An award-winning YouTube creator with over a million followers, with an unrivalled global reach and impact, Matthew is a highly sought-after international keynote speaker, lecturer, and mentor who collaborates with global leaders through the United Nations Alliance of Civilizations (UNAOC) and United Nations General Assembly (UNGA) to shape pivotal initiatives such as the UN’s AI for Humanity program, the United Nations Conference of the Parties (UN COP), and the World Economic Forum in Davos.
As the former Global Head of Cloud, National Security, and Enterprise Sales for companies including Atos, Dell-EMC, and IBM, Matthew has a proven track record of building multi-billion dollar business units and turning failing divisions into market leaders. His ability to identify, analyse, and communicate the implications of hundreds of emerging technologies and trends is unparalleled, and his insights are trusted by many of the world’s most respected organisations, including ABB, Accenture, Adidas, AON, ARM, BCG, Centrica, Citi, Coca-Cola, Dentons, Deloitte, Dow Jones, EY, Google, KPMG, Lego, Legal & General, LinkedIn, Microsoft, PepsiCo, Qualcomm, RWE, Samsung, Siemens AG and Siemens Energy, T-Mobile, UBS, VISA, Walmart, Workday, Worldpay and many others.
Regularly featured in the global media including the AP, BBC, Bloomberg, CNBC, Discovery, Forbes, Khaleej Times, Telegraph, TIME, ViacomCBS, WIRED, and the WSJ, Matthews mission is to help organisations create a fair and sustainable future whose benefits are shared by everyone irrespective of their ability, background, or circumstances.
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Sources and further reading
- Unchained podcast unchainedpodcast.com
Source: first published by the 311 Institute on 15 January 2022. Cite as: Griffin, M. (2022). Hidden PayPal code reveals the company might be creating its own Stablecoin cryptocurrency. 311 Institute. https://www.311institute.com/paypal-code-reveals-the-company-might-be-creating-its-own-stablecoin-cryptocurrency/
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