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PayPal Puts Stablecoin Project on Hold: Bloomberg
On Thursday it was reported that PayPal crypto partner Paxos was being probed by the NYDFS
Por Stephen Alpher
Payments giant PayPal (PYPL) is pausing work on bringing its own stablecoin to market, according to Bloomberg.
The news comes one day after PayPal's crypto partner Paxos – the issuer of stablecoins Pax dollar and Binance USD – was reported to be under investigation by the New York Department of Financial Services (NYDFS).
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"We are exploring a stablecoin,” Amanda Miller, a spokeswoman for PayPal, said in an emailed statement to Bloomberg. “If and when we seek to move forward, we will, of course, work closely with relevant regulators.”
Read more: PayPal Held $604M of Customers' Crypto as of Year-End 2022
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