PayPal (PYPL) received a subpoena from the US SEC requesting documentation about its USD stablecoin on Wednesday, the global payments giant said in a filing.
In August, the firm announced it was entering the cryptocurrency market with the US dollar-pegged stablecoin, PayPal USD.
“On November 1, 2023, we received a subpoena from the US SEC Division of Enforcement relating to PayPal USD stablecoin. The subpoena requests the production of documents. We are cooperating with the SEC in connection with this request,” PayPal revealed in its quarterly earnings report Thursday.
This is a developing story.