PayPal Says SEC Has Closed Stablecoin Inquiry Without Action

PayPal Holdings Inc. said the US Securities and Exchange Commission has closed its inquiry into the company’s stablecoin without an enforcement action, according to the company’s latest quarterly filing.

• PayPal received a subpoena from the SEC’s Division of Enforcement in November 2023 regarding its PayPal USD stablecoin, known as PYUSD. The inquiry was closed in February, according to the company’s 10-Q filing on Tuesday.
• PYUSD, a cryptocurrency tracking the US dollar one-to-one, has a total market value of about $880 million, according to CoinMarketCap.
• The SEC has closed more than a dozen cases and investigations involving companies involved in cryptocurrencies ...