PayPal, the popular payment platform, has been served a subpoena by the United States Securities and Exchange Commission (SEC) regarding its stablecoin called PayPal USD (PYUSD). The SEC’s Enforcement division sent the subpoena to PayPal, according to a report by Reuters. This development comes three months after PayPal launched its PYUSD stablecoin, which is backed by U.S. dollar deposits, short-term Treasurys, and similar cash equivalents. The stablecoin operates on the Ethereum blockchain and is designed for digital payments and Web3 applications. Both PayPal and Paxos, the issuer of the stablecoin, have not yet commented on the matter. This is an ongoing story, and more information will be provided as it becomes available.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	None
Companies	PayPal, Reuters, Cointelegraph, Paxos Trust, United States Securities and Exchange Commission (SEC)
Currencies	Ethereum, PayPal USD, US Dollar
Securities	None