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.
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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.
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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.
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