SEC Closes Inquiry Into PayPal’s Stablecoin; PYUSD Faces Challenges and New Partnerships

The U.S. Securities and Exchange Commission (SEC) has closed its investigation into PayPal’s dollar-backed stablecoin, PYUSD, without taking enforcement action, according to the company’s recent regulatory filing. The inquiry began in November 2023 with a subpoena requesting documents related to PYUSD’s launch and operation. The SEC informed PayPal of this closure in February 2024, after no legal action was taken following the investigation.