A regulatory filing by payment company PayPal on Tuesday disclosed that the Securities and Exchange Commission has dropped its investigation into PayPal’s USD stablecoin.
“In November 2023, we received a subpoena from the U.S. SEC Division of Enforcement relating to PayPal USD stablecoin. The subpoena requested the production of documents. In February 2025, the SEC communicated it was closing this inquiry without enforcement action,” stated PayPal in its latest quarterly report.
This update comes as the SEC continues to roll back legislation that is harsh on crypto, dropping, resolving immediate cases against crypto firms.
PayPal is a payment technology company that offers a platform for sending and receiving money for users who want to conduct their transactions electronically instead of relying on paper-based methods. The company was created in 1998 by Peter Thiel, Max Levchin, Ken Howery, Luke Nosek, and Yu Pan.
PayPal’s stablecoin, PYUSD, has been struggling to gain widespread acceptance among users. PYUSD has a market capitalization of $880 million, behind Tether’s USDT with $148.4 billion and Circle’s USDC with $61.9 billion, according to CoinGecko.
The payment technology company reported stable financial performance in its latest quarterly report relative to Q4 2024. PayPal reported net revenues of $7.79 billion vs $7.69 billion (QoQ) and a net income of $1.28 billion vs $888 million (QoQ)
