1 year ago
PayPal was the archetypal important fintech steadfast to follow integer currencies for payments and transfers aft launching its stablecoin successful August.
Payment elephantine PayPal has received a subpoena from the United States Securities and Exchange Commission (SEC) regarding its U.S. dollar-pegged stablecoin.
The Enforcement part of the SEC has sent a subpoena to PayPal related to its PayPal USD (PYUSD) stablecoin, the steadfast disclosed connected Nov. 2, according to a study by Reuters.
The enactment comes astir 3 months aft PayPal launched its PYUSD stablecoin successful aboriginal August. The stablecoin is issued by Paxos Trust and backed by U.S. dollar deposits, short-term Treasurys and akin currency equivalents. PYUSD is based connected the Ethereum blockchain and is aimed astatine handling integer payments and Web3.
PayPal and Paxos did not instantly respond to Cointelegraph’s petition for comment.
This is simply a processing story, and further accusation volition beryllium added arsenic it becomes available.
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