Paypal, the giant name of the payment industry, has entered the radar of the US Securities and Exchange Commission (SEC).
According to information provided by Reuters, the SEC developed due to stablecoin Subpoenaed Paypal Holdings.
PayPal launched an Ethereum-based stablecoin called PayPal USD in August for cryptocurrency transfers and payments. It was stated that the stablecoin would be produced by Paxos. Paxos had previously stopped producing BUSD following the decision of the New York Department of Financial Services (NYDFS) regarding the issuance of BUSD.
The SEC also sent a subpoena to Circle, the producer of USDC, the second largest stablecoin, in 2021. According to the statement made by Circle, the SEC “documents and information regarding its assets, customer programs and activities” he requested.