TLDR:

Key Highlights:

  • SEC has closed its investigation into PayPal’s PYUSD without enforcement.

  • PYUSD was launched in 2023 but lags behind competitors USDT and USDC.

  • PayPal is pushing for wider adoption via partnerships with Coinbase and MoonPay.

SEC Drops Stablecoin Probe

PayPal confirmed in a filing Tuesday that the SEC has ended its investigation into the company’s U.S. dollar-pegged stablecoin PYUSD. The probe, which began in 2023 with a subpoena, concluded in February with no enforcement action.

The disclosure provides some regulatory relief for the payments giant as it continues to invest in PYUSD’s growth.

Pushing for Broader Adoption

PYUSD, issued by Paxos on behalf of PayPal, launched in August 2023 but has struggled to gain ground. Its market cap sits at just $879.9 million — far behind USDT ($148B) and USDC ($62B).

To spur adoption, PayPal has added PYUSD to Solana and partnered with firms like Anchorage and Coinbase. Most recently, Coinbase waived trading fees for PYUSD.

Read the full article on theblock.
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