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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
Updated May 9, 2023, 4:08 a.m. Published Feb 10, 2023, 8:27 p.m.
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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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