Source: Cointelegraph
Original: “SEC Ends Investigation into PayPal's Stablecoin”
PayPal stated that the SEC has terminated its investigation into the dollar stablecoin issued by the payment giant.
In a regulatory filing on April 29, PayPal announced that the SEC has concluded its investigation into PayPal USD (PYUSD) and will not take any action.
The company indicated that it received a subpoena from the SEC's enforcement division regarding its stablecoin in November 2023. At that time, PayPal stated, "The subpoena requests the provision of documents. We are cooperating with the SEC on this matter."
In the latest filing, PayPal mentioned that the SEC notified them in February that it would "conclude the investigation without taking enforcement action."
PayPal claims that its stablecoin is 100% redeemable for U.S. dollars and is "fully backed" by dollar deposits (including short-term government bonds and cash equivalents).
However, in a highly competitive market dominated by Tether and Circle, the stablecoin has seen slow growth. PYUSD currently has a market capitalization of only $880 million, less than 1% of Tether's (USDT) $148.5 billion market cap.
According to CoinGecko data, PayPal's stablecoin has shown good growth this year, with a 75% increase in circulation since the beginning of 2025, but it is still 14% lower than the peak supply of over $1 billion in August 2024.
PYUSD Yield Program in Partnership with Coinbase
The new loyalty program announced by the company on April 23 may further drive growth, allowing U.S. users to earn an annual yield of 3.7% by holding PYUSD.
On April 24, PayPal announced a partnership with Coinbase to enhance the adoption of PYUSD. PayPal President and CEO Alex Chriss stated, "We look forward to working with Coinbase and the entire cryptocurrency community to drive innovative use cases, making PYUSD central."
The payment giant also reported strong first-quarter earnings and the completion of a significant share buyback. The company reported earnings per share of $1.33, exceeding Wall Street's expectation of $1.16, with revenue growing 1% year-over-year to $7.8 billion.
Related: When these two technical patterns form, Bitcoin (BTC) price is sure to see an increase of no less than 50%.
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