Paypal said the US Securities and Exchange Commission left its investigation into the US-dollar stablecoin of paying a giant payment.
Paypal said in a regulation on April 29 File That the SEC ended its investigation into Paypal USD (PIUSD) and would not take any action.
The company said it received a subpoena from the Sec’s Division of Enforcement in Stablecoin in November 2023.
“The subpoena demands making documents. We work with the SEC related to this request,” Paypal stated in time.
In its latest filing, the firm said the SEC said in February that the agency was “closing this inquiry without the action of implementation.”
PayPal said Stablecoin is 100% redeemed for the US dollar and “fully backed” by dollar deposits, including short-term resources and cash equivalent.
However, Stablecoin struggles to get momentum in a tight market managed by rival tether and circle. PASUSD has a market capitalization of only $ 880 million, less than 1% of Tether’s (USDT) $ 148.5 billion.
PayPal’s Stablecoin has seen a better growth this year with a 75% increase in pyusd circulating -switching supply since the beginning of 2025, According to In coingecko. It remains 14% from the peak supply of more than $ 1 billion in August 2024.
PIUSD EVENTS, COINBASE PARTNERSHIP
That growth can be strengthened by a company announcement On April 23 that introduces rewards for PUSUD to a new offer of loyalty that will give US users to earn 3.7% annually -people for handling the asset on the platform.
Meanwhile, on April 24, Paypal announced A cooperation with Coinbase to increase the adoption of the pyusd.
“We are excited to drive new, eager, and innovative cases of use including Coinbase and the entire cryptocurrency community, putting the pausd in the middle,” said Alex Chriss, PayPal President and CEO.
Related: PayPal to offer 3.7% yield in StableCoin balances: Report
The giant payment also reported the stable first-quarter income and the completion of significant resurrection activities.
The firm defeats Wall Street estimated, earning $ 1.33 per part in the first quarter, the leading expectations of the analyst of $ 1.16. The income rose 1% from one year before $ 7.8 billion.
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