PayPal Clears SEC Stablecoin Probe, Expands Crypto Access

PayPal has confirmed that the SEC dropped its investigation into its U.S. dollar-pegged stablecoin, PYUSD.

PayPal has revealed that the SEC dropped its investigation into the firm’s stablecoin, PYUSD.

The announcement appeared in PayPal’s 10-Q filing, where it stated that regulators closed the case in February.

This outcome follows a subpoena issued in late 2023, requesting documents about PYUSD’s launch and the broader framework.

The probe began after the company unveiled its stablecoin in August 2023, drawing attention from U.S. regulators who are increasingly focused on cryptocurrencies.

Despite the investigation, PayPal appears to have avoided any legal repercussions and maintained compliance throughout the process.

PYUSD Now Available on Coinbase With No Fees

In other news, the partnership between PayPal and Coinbase has commenced, allowing seamless trading of PYUSD on Coinbase’s platform without any platform fees.

This move aims to expand the coin’s reach and bring more users into the ecosystem.

“We are excited to welcome PayPal’s U.S.D. stablecoin, PYUSD, to Coinbase,” said Bret McNeely, Head of Product, Exchange at Coinbase.

“With the addition of PYUSD, Coinbase users can now easily trade the growing ecosystem of assets that are important to them, in a safe and secure environment, and without any platform fees.”

The partnership also focuses on eliminating trading fees for PYUSD on Coinbase, hoping to encourage retail adoption and position the coin as a practical tool for everyday crypto transactions.

“We are focused on providing our users with the best possible experience, and that includes offering them the widest selection of assets and the lowest possible fees,” said McNeely.

“We are excited to welcome PayPal and their users to the Coinbase ecosystem.”

Together, the two firms aim to foster greater participation in the Web3 revolution.

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