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The US Securities and Exchange Commission (SEC) has dropped its probe into PayPal's PYUSD stablecoin, according to a Tuesday filing.
The agency closed the investigation without planning to recommend any enforcement action, the SEC said in the filing.
The crypto industry has seen several victories in recent months, with the SEC dismissing multiple lawsuits and settling the high-profile XRP case.
The SEC had launched an inquiry into PayPal's stablecoin, which is backed by the US dollar. The probe began in November 2023, when the agency's Division of Enforcement issued a subpoena to the payments giant.
In February 2025, the SEC informed PayPal that it has decided to close the case "without recommending any enforcement action."
"The subject matter of the inquiry was a digital stablecoin that the company is planning to offer in connection with its money transfer service," PayPal said in a filing with the US Securities and Exchange Commission (SEC).
"The inquiry began with a subpoena to the company from the Division of Enforcement of the SEC in November 2023. The SEC staff informed the company of its decision to close the inquiry without recommending any enforcement action in February 2025."
The agency's decision to withdraw the case will bring relief to PayPal and the broader crypto industry. However, the future of stablecoins remains uncertain due to the lack of regulatory clarity.
Earlier this year, US President Donald Trump passed the STABLE Act, which will set regulatory guidelines for USD-backed stablecoins like Tether (USDT) and Circle (USDC).
The stablecoin space has faced several regulatory issues and the SEC's decision to drop the investigation is seen as a positive development for the crypto industry. It could also be an indication that the agency is planning to take a lighter regulatory approach.
Under Trump, the SEC is taking a renewed approach to the crypto industry. The agency has already dismissed multiple lawsuits, including those against Robinhood, Coinbase and Kraken, and is expected to soon announce a settlement of the XRP lawsuit.
The post US SEC drops probe into PayPal’s PYUSD stablecoin, closing case without action appeared first on Chain Teller.
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