Stablecoin PYUSD: SEC issues subpoena to PayPal

The payment giant PayPal received a subpoena before the US regulator SEC linked to its stablecoin PYUSD.

PayPal has received a subpoena from the Security exchange and commission of the United States as part of an investigation related to its digital coin PYUSDreported Reuters on Thursday, with no further details.

Launched this summer on Ethereum and backed by the greenback, the American fintech’s stablecoin currently weighs less than $160 million, a tiny market cap compared with Tether’s USDT or Circle’s USDC.

Last month, PayPal began rolling out its stablecoin on Venmo, its popular mobile payment service in the US.

The SEC has now adopted an anti-crypto stance, and in recent months has prosecuted major players in this new ecosystem, including Coinbase and Binance.

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