The release of PayPal Coin could lead many traditional finance companies to move into the cryptocurrency sector and eventually normalize crypto payments.
) while enabling payments in these crypto assets. While it’s unclear how many of PayPal’s users have paid with cryptocurrency, it’s well-known that stablecoins are mostly a tool used to trade and take advantage of opportunities in the decentralized finance space.
To Galka, PayPal launching its own stablecoin would “definitely open up cryptocurrency to more people” who “have not had the inclination to really figure out this niche space.” Galka told Cointelegraph: Speaking to Cointelegraph Tim Frost, founder and CEO of wealth management platform Yield App, said that cryptocurrency payments are “finding their way into the mainstream” as a “number of companies now allow digital asset owners to pay with digital currencies using standard Visa or Mastercard.”
That’s according to Eli Taranto, chief business development officer at EQIBank — a licensed digital bank working with corporations and high-net-worth individuals. Taranto told Cointelegraph that PayPal’s geographical footprint will see it face “worldwide regulatory issues” when it comes to crypto, which will “be quite interesting and a necessary challenge.”
Stablecoin issuers have notably not only faced scrutiny from regulators, as the cryptocurrency community often pressures them to be as transparent as possible about the backing of their stablecoins. Launching a stablecoin will see PayPal deal with heightened scrutiny, so it’s worth asking,Ultimately, PayPal issuing its own stablecoin is an improvement to its bottom line.
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