{"id":86516,"date":"2023-11-02T15:36:23","date_gmt":"2023-11-02T13:36:23","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=86516"},"modified":"2025-09-13T06:04:55","modified_gmt":"2025-09-13T03:04:55","slug":"sec-opens-investigation-into-paypals-stablecoin","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/sec-opens-investigation-into-paypals-stablecoin\/","title":{"rendered":"SEC opens investigation into PayPal’s stablecoin"},"content":{"rendered":"

PayPal, the payments company, said<\/a>, that it had received a subpoena from the U.S. Securities and Exchange Commission (SEC) relating to the stablecoin<\/a> PYUSD.<\/p>\n

In August, the firm became the first among the giants of the financial markets launched a ‘stablecoin’<\/a>. The issuer of the dollar-pegged asset was the infrastructure crypto firm Paxos.<\/p>\n

The PayPal initiative has drawn mixed reactions<\/a> from participants in the crypto community. Some said PYUSD would spur broad adoption of digital assets, while others highlighted centralisation risks.<\/p>\n

JPMorgan analyst Nikolaos Panigirtzoglou said<\/a> that the coin could benefit Ethereum by increasing the total value of assets locked in the network.<\/p>\n

Bank of America analysts projected<\/a> only modest uptake of PYUSD due to competition from central bank digital currencies<\/a> and widespread stablecoins. Analysts at Nansen confirmed<\/a> initially weak demand for the asset.<\/p>\n

However the PayPal ‘stablecoin’ has raised concerns<\/a> in the U.S. Congress about the lack of a regulatory framework for such assets.<\/p>\n

\n

“The subpoena requires the production of documents. We are cooperating with the SEC regarding this request,” the company said in its regulatory filing.<\/p>\n<\/blockquote>\n

As of writing, PYUSD’s market capitalization stood at $159 million, up 68% over the past 30 days. The coin ranks 15th in the sector, led by USDT<\/a> from Tether, with a market offering of more than $85 billion.<\/p>\n

\"SEC
Data: CoinGecko<\/a>.<\/figcaption><\/figure>\n

As previously reported, USDT co-founder William Quigley said<\/a> that PYUSD would not bring “much innovation,” but would provide PayPal with additional profits.<\/p>\n","protected":false},"excerpt":{"rendered":"

PayPal said it had received a subpoena from the U.S. Securities and Exchange Commission (SEC) related to the PYUSD stablecoin.<\/p>\n","protected":false},"author":1,"featured_media":86517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[182,1481,128,807],"class_list":["post-86516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-paypal","tag-pyusd","tag-sec","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/86516","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=86516"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/86516\/revisions"}],"predecessor-version":[{"id":86518,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/86516\/revisions\/86518"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/86517"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=86516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=86516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=86516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}