The SEC Subpoenas PayPal Over Its Dollar-Backed Stablecoin

The Securities and Exchange Commission (SEC) has subpoenaed PayPal over its dollar-backed stablecoin, the company revealed in a regulatory filing Thursday.

PayPal said it received the subpoena, which asked the company to produce documents related to its stablecoin, Wednesday and is “cooperating with the SEC.”

The financial technology firm launched the stablecoin backed by “U.S. dollar deposits, short-term U.S. treasuries and similar cash equivalents” in early August.

Read the source article at The Hill