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PayPal faces SEC motion associated to PYUSD stablecoin: Report


Fee big PayPal has acquired a subpoena from the USA Securities and Change Fee (SEC) relating to 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, according 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.

It is a creating story, and additional info shall be added because it turns into accessible.