Stablecoin

United

PayPal USD

Show

<div class="watcher-guru">
 <p>PayPal Holdings, a prominent player in the payment industry, has once again found itself under the regulatory spotlight. This time, concerning its U.S. dollar stablecoin. The company, which gained significant attention for being the first major fintech firm to embrace digital currencies, recently received a subpoena from the U.S. Securities and Exchange Commission (SEC).</p>
 <p>The latest inquiry is related to PayPal USD stablecoin, a <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> aimed at providing stability in the highly volatile world of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-assets. This development coincides with PayPal’s successful registration with the U.K. Financial Conduct Authority (FCA) as a <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> service provider, enabling the company to extend its <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> services in the United Kingdom.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="538" src="https://cdn.thebittimes.com/images/2023/11/02/3b56406da51681072450a5c79f52119c.webp" alt class="wp-image-117764" srcset="https://cdn.thebittimes.com/images/2023/11/02/3b56406da51681072450a5c79f52119c.webp 1024w, https://cdn.thebittimes.com/images/2023/11/02/3b56406da51681072450a5c79f52119c.webp 300w, https://cdn.thebittimes.com/images/2023/11/02/3b56406da51681072450a5c79f52119c.webp 768w, https://cdn.thebittimes.com/images/2023/11/02/3b56406da51681072450a5c79f52119c.webp 380w, https://cdn.thebittimes.com/images/2023/11/02/3b56406da51681072450a5c79f52119c.webp 550w, https://cdn.thebittimes.com/images/2023/11/02/3b56406da51681072450a5c79f52119c.webp 800w, https://cdn.thebittimes.com/images/2023/11/02/3b56406da51681072450a5c79f52119c.webp 1160w, https://cdn.thebittimes.com/images/2023/11/02/3b56406da51681072450a5c79f52119c.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
 <p>In their recent quarterly earnings report, PayPal revealed that they had been served with a subpoena from the SEC’s Division of Enforcement on Nov. 1, 2023. The subpoena requests the production of documents pertaining to the PayPal USD stablecoin. The firm has unequivocally stated its commitment to cooperating with the SEC in response to this request. While the exact nature of the investigation remains ambiguous, it underscores the escalating scrutiny of the cryptocurrency industry.</p>
 <div class="quads-location quads-ad33739 " id="quads-ad33739" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div class="publift-ad add">
   <div data-fuse="22560828227"></div>
  </div>
 </div>
 <p><strong>Also Read: PayPal Approved to Offer Crypto Services in the UK</strong></p>
 <h4 class="wp-block-heading" id="h-paypal-s-usd-stablecoin">PayPal’s USD Stablecoin</h4>
 <p>Stablecoins have emerged as a vital component of the cryptocurrency ecosystem. They serve as a bridge between traditional financial assets and the world of digital currencies. These digital tokens are specifically designed to maintain a consistent value by anchoring their worth to real-world assets. This can include fiat currencies, commodities, or a combination of these.</p>
 <div class="quads-location quads-ad15192 " id="quads-ad15192" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div id="primisContainer" class="add"></div>
 </div>
 <p>In August, PayPal made a significant impact by introducing its own U.S. dollar stablecoin. It marked a substantial stride in its journey to adopt <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies for payments and transfers. This move empowered PayPal to offer its customers a <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> that mirrors the stability of the U.S. dollar, a globally recognized currency for its reliability. The USD stablecoin swiftly gained traction and is currently available on centralized exchanges. This includes Coinbase, Kucoin, and Kraken, with a market capitalization nearing $160 million.</p>
 <p>PayPal’s exploration of the <a rel="noopener noreferrer nofollow" title="cryptocurrency" href="https://thebittimes.com/tag/cryptocurrency.html">cryptocurrency</a> realm continues to be a captivating journey marked by innovation and regulatory hurdles. As the company broadens its <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> operations and introduces stablecoins, it encounters heightened scrutiny from regulatory bodies like the SEC. As PayPal surmounts these challenges, it remains at the forefront of a financial revolution. It is reshaping how we perceive and use money in the digital era.</p>
 <p><strong>Also Read: PayPal’s Patent Files Show Interest in NFTs and Layer-2s</strong></p>
 <div class="quads-location quads-ad33742 " id="quads-ad33742" style="float:none;margin:0px 3px 3px 3px;padding:0px 0px 0px 0px;">
  <div class="publift-ad add">
   <div data-fuse="22560828233"></div>
  </div>
 </div>
 <p></p>
</div>
<div class="cs-entry__tags">
 <ul>
  <li>crypto</li>
  <li>cryptocurrency</li>
  <li>Paypal</li>
  <li>sec</li>
 </ul>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/paypal-under-regulatory-radar-sec-issues-subpoena-over-stablecoin-tbt68797.html">https://thebittimes.com/paypal-under-regulatory-radar-sec-issues-subpoena-over-stablecoin-tbt68797.html</a></p>

PayPal Under Regulatory Radar: SEC Issues Subpoena Over Stablecoin

TheBitTimes

Other articles published on Nov 2, 2023

Law professor says blockchain tech could ‘revolutionize’ copyright offices

FIO Domain Revolution: Register, Learn, Thrive!🌟

Cardano Price Climbs 25% In 2 Weeks As Active Addresses Surge, Has The Bull Run Started?

Wave Goodbye to the Bear Market, Prepare for the Bull Run at “Blockchain Genesis, Thailand Blockc...

Bitcoin and Ethereum outperform traditional assets in 2023

ProShares Launches the First ETF for Investors Betting Against Ethereum!

Join our free newsletter for daily crypto updates!