Why did the SEC ask PayPal?
Payments giant PayPay's stablecoin, PYUSD, has come under scrutiny from the US Securities and Exchange Commission (SEC).
According to Reuters, PayPal received a subpoena from the SEC regarding the stablecoin pegged to the US dollar. The company launched the stable PUSD in August in partnership with Paxus. Then in September, he issued a transparency report showing that the total assets in custody will exceed the token balance.
This is a developing story.
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