Cost big PayPal has acquired a subpoena from the US Securities and Alternate Fee (SEC) concerning its U.S. dollar-pegged stablecoin.
The Enforcement division of the SEC has despatched a subpoena to PayPal associated to its PayPal USD (PYUSD) stablecoin, the agency disclosed on Nov. 2, in accordance to a report by Reuters.
The motion comes about three months after PayPal launched its PYUSD stablecoin in early August. The stablecoin is issued by Paxos Belief and backed by U.S. greenback deposits, short-term Treasurys and related money equivalents. PYUSD relies on the Ethereum blockchain and is geared toward dealing with digital funds and Web3.
PayPal and Paxos didn’t instantly reply to Cointelegraph’s request for remark.
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