Fintech giant PayPal has paused the work on its upcoming stablecoin due to the current regulatory environment in the crypto industry. Its stablecoin development partner Paxos is currently facing a probe by the New York Department of Financial Services. American fintech firm PayPal has stopped working on its upcoming stablecoin as U.S. federal agencies renew […]
Fintech giant PayPal has paused the work on its upcoming stablecoin due to the current regulatory environment in the crypto industry.
The past few weeks have seen several firms in the crypto space facing enforcement actions, investigations, and probes. PayPal is reportedly wrapping its head around the changing regulatory landscape before continuing the work on its stablecoin., PayPal was hoping to unveil its stablecoin in the coming weeks. However the plan was delayed due to the current regulatory environment in the U.S. Paxos, the crypto firm that issues Binance’s BUSD stablecoin, was working with PayPal on their stablecoin.
The escalation in regulatory scrutiny of the crypto industry paired with the probe into its partner contributed to the fintech giant putting the brakes on its stablecoin venture.
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