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PayPal Holdings, the monetary large that made headlines by adopting digital currencies for funds and transfers, is now going through a brand new improvement.
The corporate revealed that it has acquired a subpoena from the U.S. Securities and Trade Fee (SEC) concerning its PYUSD stablecoin.
PayPal Faces SEC Subpoena Over PYUSD Stablecoin
This revelation got here to mild on November 2, when PayPal acknowledged receiving a subpoena from the U.S. SEC in its quarterly earnings report.
“On November 1, 2023, we acquired a subpoena from the U.S. SEC Division of Enforcement regarding PayPal USD stablecoin,” the Thursday report stated.
Though the specifics of the scenario usually are not absolutely identified, the corporate disclosed that the summon requires them to offer sure paperwork. PayPal has additionally acknowledged it’s absolutely collaborating with the SEC in response to this demand.
PayPal made headlines in August when it launched its PYUSD stablecoin, changing into the primary main fintech firm to embrace digital currencies for funds and transfers. The stablecoin is issued by Paxos Belief and is backed by a reserve of U.S. greenback deposits, short-term Treasury certificates, and related money belongings.
PYUSD’s Development Since Its Launch
Since its launch, PYUSD has seen spectacular progress, with its market capitalization reaching $150 million inside simply two months. As of the newest data from CoinGecko, the market capitalization of PYUSD now stands at roughly $159 million, with a every day buying and selling quantity of almost $2.7 million.
The fast adoption of PayPal’s stablecoin could be attributed to its itemizing on main cryptocurrency exchanges similar to Coinbase, Crypto.com, Bitstamp, and Kraken. These listings have offered customers with elevated accessibility to PYUSD, additional fueling its recognition within the crypto market.
In an effort to develop its attain, PayPal introduced in September its plans to integrate the PYUSD stablecoin into its Venmo cell fee service. This integration will allow Venmo customers to buy PYUSD and simply ship it to family and friends, additional integrating cryptocurrencies into on a regular basis monetary transactions.
Along with its venture into the crypto house in the US, PayPal has been making strides with crypto initiatives in different international locations as properly. On October 31, PayPal acquired a license from the UK Monetary Conduct Authority to supply crypto providers within the UK.
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