PayPal receives SEC subpoena relating to its USD stablecoin
PayPal confirmed today that it has received a subpoena from the Securities and Exchange Commission (SEC) regarding its USD stablecoin.
In an SEC filing, PayPal stated:
“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 launched the PayPal USD stablecoin in August 2023. U.S. PayPal customers who purchase PayPal USD are able to:
- Transfer PayPal USD between PayPal and compatible external wallets
- Send person-to-person payments using PYUSD
- Fund purchases with PayPal USD by selecting it at checkout
- Convert any of PayPal’s supported cryptocurrencies to and from PayPal USD.