PayPal said it received a subpoena from the SEC Division of Enforcement relating to its PYUSD stablecoin on Nov. 1.
Payments giant PayPal is currently under regulatory scrutiny by the United States Securities and Exchange Commission in connection with its PYUSD stablecoin.
SEC subpoenas are primarily a means of collecting information and do not necessarily lead to legal actions or enforcement. The SEC determines its course of action based on the information it gathers. While initially, there was excitement surrounding the launch of PYUSD, its adoption appears to be sluggish. The current total supply of PYUSD stands at around 159 million tokens. It remains to be seen whether the SEC, which is perceived to be hostile toward the crypto industry, will take any action against PYUSD.
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