According to the company's Q3 financial report, the United States Securities and Exchange Commission (SEC) filed PayPal with a subpoena in respect to its PayPal USD (PYUSD) stablecoin.
According to the company's Q3 financial report, the United States Securities and Exchange Commission (SEC) filed PayPal with a subpoena in respect to its PayPal USD (PYUSD) stablecoin.
On November 1, the SEC issued a subpoena requesting certain records from PayPal, and the company acknowledged its cooperation with the SEC.
PayPal mentioned in its quarterly earnings report:
“On November 1, 2023, we received a subpoena from the U.S. SEC Division of Enforcement relating to PayPal USD stablecoin."
PayPal debuted the PYUSD stablecoin in August, and it is backed by US dollar deposits and short-term Treasurys. It runs on the Ethereum blockchain and seeks to make digital payments and Web3 apps easier.
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