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Global payment giant PayPal is under the regulatory spotlight as the U.S. Securities and Exchange Commission (SEC) raises concerns about its recently launched stablecoin, PYUSD. PayPal revealed on November 2 that it has received a subpoena from the SEC’s Enforcement Division regarding its U.S. dollar-pegged stablecoin.
PYUSD was introduced by PayPal in early August through a partnership with Paxos Trust, a regulated crypto service provider. This stablecoin is backed by U.S. dollar deposits, short-term Treasury bills, and similar cash equivalents, operating on the Ethereum blockchain. It was designed to streamline digital payments and support Web3 applications.
PYUSD Is the 240th Largest Crypto Asset
Since its launch, PYUSD has witnessed remarkable growth, boasting a market capitalization of approximately $159 million, making it the 240th largest crypto asset and a daily trading volume of nearly $3 million, according to data from CoinMarketCap. Notably, the stablecoin has been integrated into PayPal’s popular mobile payment service, Venmo, and is listed on major crypto exchanges, including Coinbase, Crypto.com, Bitstamp, and Kraken.
The SEC’s interest in PYUSD revolves around its regulatory status and whether it falls within the SEC’s jurisdiction. The SEC has recently taken a firm stance against various U.S. crypto companies, such as Coinbase and Ripple, over alleged securities violations. Furthermore, the regulator has expressed skepticism regarding the transparency and stability of stablecoins in general.
PayPal to Cooperate with the Authorities
PayPal has committed to cooperating with the SEC in response to the subpoena request. The company has been a pioneer among large fintech firms in embracing digital currencies for payments and transfers. Additionally, PayPal has obtained a license from the U.K. Financial Conduct Authority, allowing it to offer crypto services in the United Kingdom.
The outcome of the SEC’s investigation holds significant implications for PayPal’s crypto ambitions and the future of stablecoins in the U.S. market. As this regulatory saga unfolds, it remains to be seen how it will shape the future of digital payments and financial innovation in the United States.
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