PayPal, the global payments giant, has received a subpoena from the U.S. Securities and Exchange Commission (SEC) related to its PayPal USD (PYUSD) stablecoin.
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Fast Facts
- The subpoena requests the production of documents related to the PYUSD stablecoin, according to PayPal’s quarterly earnings report released on Wednesday.
- PayPal said it is “cooperating with the SEC in connection with this request.”
- The fintech giant launched PYUSD, a U.S. dollar-backed stablecoin on Ethereum in early August.
- PYUSD is backed by U.S. dollar deposits, short-term U.S. Treasuries, and cash equivalents, according to PayPal.
- In the United Kingdom, PayPal has successfully registered as a cryptocurrency services provider with the Financial Conduct Authority.
See related article: Is PayPal’s new stablecoin a watershed moment for crypto?