PayPal Holdings announced on Thursday that it had been served with a subpoena from the Securities and Exchange Commission (SEC) in connection with its U.S. dollar stablecoin.
In this illustration captured on July 14, 2021, you can see a mobile phone featuring the PayPal logo positioned on top of a laptop.
In August, the company made history by becoming the first significant financial technology firm to adopt digital currencies for payments and transfers.
Stablecoins are cryptocurrency tokens designed to maintain a stable value by being linked to a dependable asset, shielding potential investors from extreme price fluctuations.
Reported by Niket Nishant in Bengaluru; Edited by Sriraj Kalluvila
