Payments giant, PayPal ($PYPL), has confirmed that it has been issued a subpoena by the US Securities and Exchange Commission, allegedly relating to its recently introduced, US dollar-pegged stablecoin, $PYUSD, as reported by Reuters.
What is PYUSD?
PYUSD is major payments company PayPal’s addition to the cryptocurrency stablecoin sector.
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The token was launched in August 2023, and is available to “Buy, sell, hold, and transfer” via the PayPal application, within jurisdictions which permit it.
According to CoinMarketCap, the token already boasts a market capitalization of nearly $160 million and is listed on major centralized exchanges such as Coinbase, Kucoin, and Kraken.
Screenshot taken from PayPal.com
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