After releasing its stablecoin in August, PayPal
The US Securities and Exchange Commission (SEC) has issued a subpoena on payment giant PayPal about its stablecoin linked to the US dollar.
CryptoCaster Quick Check:
According to a Reuters story, PayPal announced on November 2 that it has received a subpoena from the SEC’s Enforcement division regarding its PayPal USD stablecoin.
Stay in the know on crypto by frequently visiting Crypto News Today
About three months have passed since PayPal’s PYUSD stablecoin launch in early August. Paxos Trust is the stablecoin’s issuer, and it is backed by short-term Treasury securities, US dollar deposits, and other comparable cash equivalents. PYUSD is designed to manage Web3 and digital payments. It is built on the Ethereum blockchain.
As per the statement provided by a Paxos representative, PYUSD’s launch has been successful thus far, as it has amassed a $150 million market value in just two months. As of this writing, CoinGecko data indicates that the market capitalization of PYUSD is approximately $159 million, with $2.7 million worth of trades occurring every day.
Major exchanges including Coinbase, Crypto.com, Bitstamp, and Kraken listed the stablecoin on their platforms shortly after its inception, which coincided with a dramatic increase in the stablecoin’s adoption. PayPal stated in September that the PYUSD stablecoin will soon be integrated into the Venmo mobile payment service. This will enable users to buy PYUSD and send it to friends and family.
PayPal has been advancing its cryptocurrency activities abroad in addition to its aggressive entry into the US market. The United Kingdom Financial Conduct Authority granted PayPal a license to provide cryptocurrency services in the nation on October 31.
The most recent SEC action against PayPal is more proof that the US government is not very friendly to companies involved in the cryptocurrency space. The regulator has filed numerous lawsuits against some of the biggest regional businesses in the sector, including the current action against Coinbase Exchange. The SEC eventually took action to drop its three-year case against Ripple, the firm that created XRP
Circle CEO Jeremy Allaire stated in April 2023 that the USDC stablecoin’s diminishing market capitalization was largely caused by US officials’ crackdown on cryptocurrencies.
We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism.
From Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.
And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.
When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble.
Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.
We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.
Thank you.
Kristin Steinbeck
Editor, CryptoCaster
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt
CRYPTOCASTER HEATMAP
