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 <p class="is-style-lead">A spokesperson for PayPal confirmed to Reuters that the company had received a <a rel="noopener noreferrer nofollow" title="subpoena" href="https://thebittimes.com/tag/subpoena.html">subpoena</a> tied to its U.S. dollar <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>.</p>
 <p>Payments giant PayPal received an investigative <a rel="noopener noreferrer nofollow" title="subpoena" href="https://thebittimes.com/tag/subpoena.html">subpoena</a> from the U.S. Securities and Exchange Commission (SEC) regarding its <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> tied to the U.S. dollar, the company revealed in its latest 10-Q report.</p>
 <p>While the details behind the move remain unclear, the firm said the <a rel="noopener noreferrer nofollow" title="subpoena" href="https://thebittimes.com/tag/subpoena.html">subpoena</a> “requests the production of documents.” PayPal added it is cooperating with the SEC “in connection with this request.”</p>
 <p>In a commentary to Reuters, a spokesperson for PayPal confirmed the request but did not elaborate on the matter.</p>
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 <p>PayPal launched its stablecoin dubbed PYUSD on Aug. 7, 2023, in collaboration with crypto infrastructure firm Paxos. The&nbsp;stablecoin&nbsp;is backed by U.S. dollar deposits, short-term U.S. Treasuries, and other cash equivalents that help ensure its stability.</p>
 <p>Almost a month later, on Sept. 11, PayPal added a feature that allowed users to convert digital currencies into U.S. fiat.</p>
 <p>The <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a> is being issued by Paxos Trust Company on the Ethereum (ETH)&nbsp;blockchain as an ERC-20 token designed to align with crypto wallets and&nbsp;web3&nbsp;applications.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/sec-issues-subpoena-to-paypal-over-its-pyusd-stablecoin-tbt68795.html">https://thebittimes.com/sec-issues-subpoena-to-paypal-over-its-pyusd-stablecoin-tbt68795.html</a></p>

SEC issues subpoena to PayPal over its PYUSD stablecoin

TheBitTimes

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