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In its Q3 report, payments giant PayPal revealed that it had been served with a subpoena from the US Securities and Exchange Commission. Despite facing action, PayPal shares rose around 7% on Thursday. 

In its quarterly report, PayPal Holdings revealed that the US SEC issued it with a subpoena relating to its stablecoin PayPal USD (PYUSD).  

PayPal Cooperating with SEC

The SEC’s enforcement division issued PayPal with a subpoena relating to its US dollar-pegged stablecoin PYUSD. In its report, the company stated:

“On November 1, 2023, we received a subpoena from the U.S. SEC Division of Enforcement relating to PayPal USD stablecoin. The subpoena requests the production of documents.” 

The payments giant said it was cooperating with the securities agency. PayPal launched PYUSD on the Ethereum blockchain in August. PYUSD is issued by Paxos Trust Company – a New York-based crypto infrastructure provider and backed by US dollar deposits, short-term Treasuries and similar cash equivalents. The ERC-20 stablecoin can be used for transfers between PayPal and supported external wallets, funding purchases, person-to-person payments, and converting any of PayPal’s listed digital assets to and from PYUSD. 

In a statement, PayPal said its stablecoin aims to bridge fiat and Web3 consumers and will be availab

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Author: Jana Serfontein

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