Yesterday, PayPal received a subpoena from the US Securities and Exchange Commission (SEC) requesting documents related to the PYUSD stablecoin, the global payments firm revealed in its quarterly earnings report.

“On November 1, 2023, we received a subpoena from the US SEC Division of Enforcement relating to PayPal USD stablecoin,” PayPal wrote in today’s quarterly earnings report. “The subpoena requests the production of documents. We are cooperating with the SEC in connection with this request.”

PayPal entered the stablecoin market in August through a partnership with crypto firm Paxos to launch PYUSD, which is regulated and fully backed by the US dollar, according to the companies.

The SEC investigation highlights regulatory scrutiny around stablecoins as adoption increases. Circle, the issuer of the USDC stablecoin, recently intervened in the SEC’s case against Binance, arguing financial trading laws shouldn’t apply to stablecoins.

PYUSD was the first stablecoin introduced by a major financial services company. Its launch raised concerns in Washington about tech platforms expanding into digital assets. House Financial Services Committee

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Author: Diego Almada Lopez

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