PayPal receives SEC subpoena referring to its USD stablecoin

PayPal confirmed immediately that it has acquired a subpoena from the Securities and Change Fee (SEC) concerning its USD stablecoin.

In an SEC submitting, PayPal acknowledged:

“On November 1, 2023, we acquired a subpoena from the U.S. SEC Division of Enforcement referring to PayPal USD stablecoin. The subpoena requests the manufacturing of paperwork. We’re cooperating with the SEC in reference to this request”.

PayPal launched the PayPal USD stablecoin in August 2023. U.S. PayPal prospects who buy PayPal USD are in a position to:

  • Switch PayPal USD between PayPal and appropriate exterior wallets
  • Ship person-to-person funds utilizing PYUSD
  • Fund purchases with PayPal USD by choosing it at checkout
  • Convert any of PayPal’s supported cryptocurrencies to and from PayPal USD.