U.S. SEC Subpoenas PayPal About USD Stablecoin, Company Says
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PayPal (PYPL) received a subpoena from the U.S. SEC requesting documentation about its USD stablecoin on Wednesday, the global payments giant said in a filing.
In August, the firm announced it was entering the cryptocurrency market with the U.S. dollar-pegged stablecoin, PayPal USD.
"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. We are cooperating with the SEC in connection with this request," PayPal revealed in its quarterly earnings report Thursday.
This is a developing story.
Read More: PayPal to Issue Dollar-Pegged Crypto Stablecoin Based on Ethereum
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