美国证券交易委员会（SEC）的PayPal USD（PYUSD）Stablecoin调查已关闭

贝宝（PayPal）已确认，美国证券交易委员会对该公司的美元固定公司Paypal USD（PYUSD）进行了调查。

PayPal's (NASDAQ:PYPL) dollar-pegged stablecoin, PYUSD, is a hot topic, and the SEC's decision not to pursue any enforcement action was confirmed by the company.

PayPal（NASDAQ：PYPL）Dollar Peggged Stablecoin Pyusd是一个热门话题，SEC的决定不采取任何执法诉讼，该公司已得到该公司的确认。

The regulatory agency's probe into the stablecoin has concluded without any intent to take action, as revealed by PayPal in its latest quarterly report.

PayPal在其最新季度报告中透露，监管机构对Stablecoin的调查无意采取任何行动的结论。

The report, filed on April 29, states that the SEC communicated in February 2025 that it was closing this inquiry without any enforcement action.

该报告于4月29日提交的报告指出，SEC在2025年2月在未经任何执法行动的情况下关闭了此调查。

This follows an SEC subpoena in November 2023, requesting documents concerning the stablecoin.

这是在2023年11月的SEC传票之后，要求有关Stablecoin的文件。

While the filing confirms the investigation's closure, the specific reasons behind the decision to close the inquiry without action are not disclosed in the report by either PayPal or the SEC.

尽管文件确认了调查的关闭，但贝宝（Paypal）或美国证券交易委员会（Paypal）在报告中未披露决定关闭询问的决定背后的具体原因。

A stablecoin is a type of cryptocurrency designed to maintain a steady value, typically by pegging it 1:1 to a fiat currency like the U.S. dollar, using reserves such as short-term Treasury bills and similar cash equivalents to back the stablecoin and ensure 1:1 redeemability for U.S. dollars.

StableCoin是一种旨在维持稳定价值的加密货币类型，通常是通过将其1：1固定到像美元这样的菲亚特货币上，使用储备金，例如短期财政账单和类似的现金等价物来支持StableCoin并确保1：1对美元兑换1：1。

Stablecoins are used for various purposes, including facilitating cryptocurrency transactions by pairing different tokens, enabling seamless cross-chain transfers, and serving as collateral in decentralized finance (DeFi) protocols.

稳定剂用于各种目的，包括通过配对不同的令牌，实现无缝的跨链转移和作为分散融资（DEFI）方案的抵押品来促进加密货币交易。

PYUSD is mentioned on PayPal's official product page as being fully backed by U.S. dollar deposits, short-term Treasury bills, and similar cash equivalents, with 1:1 redeemability for U.S. dollars. It is issued and managed by Paxos Trust Company, a firm regulated by the New York State Department of Financial Services (NYDFS). PYUSD functions as an ERC-20 token on the Ethereum blockchain.

Paypal的官方产品页面上提到了Pyusd，因为它得到了美元存款，短期财政账单和类似现金等价的全部支持，其美元可兑换1：1。它由纽约州金融服务部（NYDFS）监管的公司Paxos Trust Company发行和管理。 Pyusd在以太坊区块链上充当ERC-20令牌。

The SEC's decision regarding PYUSD follows prior agency actions involving Paxos. The SEC issued a Wells notice to Paxos in February 2023 concerning Binance USD (BUSD), another stablecoin issued by the company, alleging it was an unregistered security.

SEC关于PYUSD的决定遵循涉及Paxos的先前代理行动。 SEC在2023年2月发布了有关Binance USD（BUSD）的Wells通知，该公司是该公司发出的另一份Stablecoin，声称这是未注册的安全性。

A Wells notice indicates that the SEC staff intends to recommend enforcement action. Paxos subsequently stopped issuing new BUSD following NYDFS direction.

Wells通知表明，SEC工作人员打算建议执法行动。随后，Paxos遵循NYDFS方向发布了新的Busd。

The PYUSD probe closure also occurs amidst the SEC's broader, sometimes contentious, interactions with other crypto industry firms, including ongoing cases against Coinbase (NASDAQ:COIN) and Binance.

PYUSD探测封闭也发生在SEC与其他加密行业公司的更广泛，有时有争议的互动中，包括持续的针对Coinbase（NASDAQ：COIN）的案件和二元。

Recently, on April 23, PayPal announced a rewards program offering a 3.7% annual return on PYUSD holdings for eligible U.S. customers within its platform, and on April 24, it unveiled an expanded partnership with Coinbase to increase PYUSD adoption among Coinbase's user base, enabling fee-free trading and direct 1:1 redemption.

最近，在4月23日，PayPal宣布了一项奖励计划，在其平台内为合格的美国客户提供了3.7％的年收益，并于4月24日公布了与Coinbase的扩展合作伙伴关系，以增加Coinusd的采用，以增加Coinbase的用户基础之间的收养，从而实现了无费用的交易和无用的交易和直接1：1 enderemention。

PayPal CEO Alex Chriss remarked on the Coinbase deal, stating, "We are excited to drive new, exciting, and innovative use cases together with Coinbase and the entire cryptocurrency community, putting PYUSD at the center."

贝宝（Paypal）首席执行官亚历克斯·克里斯（Alex Chriss）在Coinbase协议上说：“我们很高兴能与Coinbase和Coinbase和整个加密货币社区一起开车，令人兴奋和创新的用例，将Pyusd放在中心。”

This partnership has the potential to reach a vast audience, with PayPal's press release mentioning over 430 million consumer and merchant accounts.

这种合作伙伴关系有可能吸引大量的受众，贝宝（Paypal）的新闻稿提到了超过4.3亿个消费者和商人帐户。

However, despite these efforts and a reported 75% increase in circulating supply since the start of 2025, PYUSD's market capitalization, which is the total value of its circulating supply, remains around $880 million, significantly trailing competitors like Tether (USDT) according to data from CoinGecko.

然而，尽管这些努力和据报道自2025年初以来循环供应增长了75％，但根据Coingecko的数据，Pyusd的市值（是其循环供应的总价值）仍然约为8.8亿美元，其拖延了竞争对手，例如Tether（USDT）。

Since its launch, PYUSD has also become available on PayPal's Venmo platform.

自推出以来，Pyusd也已在PayPal的Venmo平台上使用。

The focus on PYUSD aligns with CEO Alex Chriss's strategy, discussed during an investor day in February, to unify operations and prioritize profitability.

对Pyusd的重点与首席执行官Alex Chriss的战略保持一致，该战略在2月份的投资者日期讨论了，以统一运营并确定利润优先级。

The company's first-quarter 2025 financial results surpassed analyst expectations, showing $1.33 adjusted earnings per share on $7.8 billion in revenue.

该公司第一季度的2025财务业绩超过了分析师的期望，显示1.33美元的每股调整后收入为78亿美元的收入。

Nevertheless, PayPal retained its prior full-year earnings forecast, maintaining a cautious outlook. CFO Jamie Miller attributed this to the broader economic climate, stating, "Given uncertainty in the environment and the potential for a wide range of outcomes, we are appropriately cautious."

尽管如此，PayPal仍保留了以前的全年收益预测，并保持了谨慎的前景。首席财务官杰米·米勒（Jamie Miller）将其归因于更广泛的经济氛围，并说：“鉴于环境中的不确定性和各种结果的潜力，我们非常谨慎。”

This cautious outlook reflects not only economic conditions but also the complex regulatory environment PayPal navigates, which includes interactions with the FTC and CFPB in the U.S. and administrative proceedings in Germany concerning merchant terms, as detailed in its 10-Q.

这种谨慎的前景不仅反映了经济条件，还反映了复杂的监管环境PayPal导航，其中包括与美国的FTC和CFPB的互动以及德国的行政诉讼，内容涉及商人术语，如10-Q所述。