PayPal has received a subpoena from the United States Securities and Exchange Commission (SEC) regarding its U.S. dollar-pegged Stablecoin PYUSD.
In the third quarter financial report, PayPal revealed that the SEC’s Enforcement Division issued a subpoena on Nov. 1. Paypal said, “We are cooperating with the SEC regarding this request.”
This action by the SEC comes around three months after PayPal introduced its PYUSD stablecoin in early August.
This digital currency is created and managed by Paxos Trust and is backed by assets like US dollars and government securities. It operates on the Ethereum blockchain and is designed for digital transactions and activities related to Web3.
According to a representative from Paxos, PYUSD has seen a successful launch, with its market value reaching $150 million within two months. Currently, PYUSD’s market capitalization is approximately $159 million, and it has a daily trading volume of almost $2.7 million, as reported by CoinGecko.
