PayPal subpoenaed by SEC over PYUSD Stablecoin

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.”

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• 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. 

See related article: Is PayPal’s new stablecoin a watershed moment for crypto?

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• Source: https://forkast.news/paypal-subpoenaed-sec-pyusd-stablecoin/