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PayPal reportedly confirms plans to explore the launch of a stablecoin

American fintech giant PayPal Holdings has reportedly confirmed its intent to launch its own stablecoin named PayPal Coin. The development of an in-house stablecoin was first discovered in the source code of Paypal’s iPhone app by developer Steve Moser.Confirming the evidence found on the PayPal app, Jose Fernandez da Ponte, PayPal’s SVP of crypto and digital currencies, told Bloomberg News:“We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators.”PayPal Coin logo found inside of PayPal app. Source: PayPal iPhone appMoser’s finding uncovered that PayPal is in the works of building PayPal Coin, which will be backed by the United States dollar. However, a PayPal spokesperson clarified that the source codes of the iPhone application were developed in a recent hackathon. While PayPal’s digital asset is in the making, the name, logo and features of the in-house token are subject to change prior to launch. Supporting the ongoing development, PayPal has previously launched new features that allow users to buy, hold and pay with digital coins.da Ponte had also pointed out in an interview from November 2021 that PayPal has “not yet seen a stablecoin out there that is purpose-built for payments.” According to him, a stablecoin should support payments at scale while ensuring the security of the network, adding:“There would have to be clarity on the regulation, the regulatory frameworks, and the type of licenses that are needed in this space.”Related: PayPal completes crypto trading rollout for UK customersIn addition to launching its own stablecoin, PayPal has also taken proactive measures to spread crypto-related services in jurisdictions out of the U.S. In September 2021, the company announced a rollout of new Bitcoin trading services for the UK market. As Cointelegraph reported, customers can trade major cryptocurrencies including Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).

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ECOMI, Aragon and Ramp breakout after Bitcoin price pushes above $49K

Cryptocurrency prices and investor sentiment reversed course on Dec. 15 after Federal Reserve chairman Jerome Powell confirmed the bank’s plan to hike interest rates in 2022 and slow down the bond purchasing program that had been in play since the emergence of the coronavirus in March 2020.Following the announcement, Bitcoin (BTC) price tacked on a 1.65% gain, bringing the price above $49,000 and Ether trekked back above the $4,000 mark. Altcoins followed suit with their usual double-digit gains and for the moment, it appears as if bulls have taken back control of the market.Top 7 coins with the highest 24-hour price change. Source: Cointelegraph Markets ProData from Cointelegraph Markets Pro and TradingView shows that the biggest gainers over the past 24-hours were ECOMI (OMI), Aragon (ANT) and RAMP. ECOMI migrates to Immutable ECOMI is a technology company focused on building a blockchain-based digital collectibles marketplace where users can buy and share nonfungible tokens (NFTs) across the social network service using the project’s native OMI token as a medium of exchange. VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for OMI on Dec. 1, prior to the recent price rise. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.VORTECS™ Score (green) vs. OMI price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for OMI climbed into the green zone and reached a high of 81 on Dec. 1, around 96 hours before the price began to increase 39% over the next ten days. The building momentum for OMI comes as the ECOMI ecosystem migrates to Immutable, an Ethereum (ETH) scaling solution specifically designed for NFT projects. Aragon hosts a DAO hackathonAragon Ethereum network-based protocol that supports decentralized autonomous organizations (DAOs) developing governance structures to encourage community engagement.VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for ANT on Dec. 12, prior to the recent price rise. VORTECS™ Score (dark grey) vs. ANT price. Source: Cointelegraph Markets ProAs seen in the chart above, the VORTECS™ Score for ANT began to pick up on Dec. 12 and reached a high of 70 around two hours before the price began to increase 60% over the next two days. The rally in ANT price is taking place at the same time as a DAO global hackathon aims to attract developers to the Aragon ecosystem and there are rumors that the DAOpunks NFT project conduct an airdrop to ANT holders. Related: Bitcoin sheds ‘dumb money’ as retail buys most BTC since March 2020 crashRAMP benefits from liquidity mining incentivesRAMP is a multi-chain decentralized finance (DeFi) protocol that helps investors become more capital efficient. Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.179 on Dec. 14, the price of RAMP spiked 52.56% to a daily high at $0.274 on Dec. 15 as its 24-hour trading volume surged 800% to $54.2 million. RAMP/USDT 4-hour chart. Source: TradingViewThe price spike for RAMP came after the launch of a liquidity mining incentive program resulted in a sharp uptick in the total value locked in the protocol. Currently there is $63.3 million invested across Ethereum, Polygon and Binance Smart Chain. The overall cryptocurrency market cap now stands at $2.126 trillion and Bitcoin’s dominance rate is 41.7%.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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