The U.S. Securities and Exchange Commission (SEC) has closed its investigation into PayPal’s PYUSD stablecoin, without taking any enforcement action. The agency confirmed the decision in a regulatory filing on April 29th after a lengthy inquiry that began in November 2023. This move comes as PayPal revealed it fully cooperated with the SEC during the probe, and the SEC informed them of their decision to close the investigation in February. PYUSD was launched in August 2023 and is backed by US dollar deposits including short-term Treasury bills and cash equivalents. It aims to maintain a 1:1 redemption ratio with U.S. dollars and is primarily issued on the Ethereum (ETH) and Solana (SOL) blockchains.