The post PayPal Faces Regulatory Heat Over PYUSD Stablecoin appeared first on Coinpedia Fintech News
Payments titan PayPal is facing regulatory heat as the SEC investigates its new PYUSD stablecoin. According to PayPal’s latest quarterly filing, the firm received a subpoena from the SEC’s enforcement division requesting documents related to PYUSD.
PayPal offered a few details but stated it was cooperating with the information request. SEC subpoenas primarily serve to collect evidence and don’t necessarily imply violations or impending action.
Nonetheless, the probe underscores mounting stablecoin scrutiny after the high-profile FTX collapse. Regulators increasingly want proof backing claims of 1:1 fiat reserves and transparency on issuers’ stability mechanisms.
PayPal unveiled PYUSD back in August
PayPal unveiled PYUSD last August in partnership with Paxos, marking the first stablecoin from a major financial player. It initially raised concerns in Washington about Big Tech corn
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