SEC Submits Subpoena to PayPal Related to Stablecoin PYUSD

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Recently, PayPal has just received a subpoena from the U.S. Securities and Exchange Commission (SEC) regarding the stable currency PYUSD. PYUSD – marks a new milestone in the intersection of traditional finance and digital currencies.

In August last year, PayPal officially launched its own stable currency-PYUSD. At the same time, become a pioneer in using digital currencies for payments and transfers.

PYUSD is an ERC-20 token issued on the Ethereum blockchain designed to bridge the gap between fiat and digital currencies for consumers, merchants, and developers. However, as the SEC subpoena demonstrates, the path to this goal is fraught with legal obligations that must be carefully considered and addressed.

Transparency remains critical to addressing these challenges. In order to achieve the above goals, Paxos Trust Company, which oversees the issuance of PayPal USD, has committed to publishing PayPal USD reserve reports every month starting in September 2023.

It can be seen that the SEC’s subpoena to PayPal highlights the complex connection between financial technology innovation and legal supervision. At the same time, it also illustrates the challenges faced by large traditional financial companies as they venture into the growing digital currency space, and the continued adaptation required to adapt to the global regulatory environment.

Despite legal challenges, PayPal continues to make significant strides in the digital economy.

On-chain data shows that the current market value of PYUSD reaches US$158.93 million, with a 24-hour trading volume of US$7.2 million.

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