PayPal Faces SEC Subpoena Over Its PYUSD Stablecoin

PayPal has been subpoenaed by the U.S. Securities and Exchange Commission (SEC) concerning its USD stablecoin. The company, which introduced its U.S. dollar-pegged stablecoin, PayPal USD (PYUSD), in August, confirmed the receipt of the subpoena on November 1, 2023. This information was disclosed in PayPal's recent quarterly earnings report. The SEC's request pertains to the production of documents related to the PYUSD stablecoin, and PayPal has expressed its cooperation with the SEC in this regard.