Paypal Pauses Stablecoin Plans Amid Regulatory Scrutiny

  • Paypal exploring launch of stablecoin: In the first week of 2023, payment service giant Paypal said it was exploring the launch of a stablecoin and would work closely with financial regulators.
  • Paypal puts concept on hold: On Feb. 10, a source noted that Paypal has put the concept on hold for now amid the regulatory scrutiny of the crypto industry.
  • Regulatory Concerns Growing: There has been a significant crackdown on cryptocurrency businesses following the collapse of FTX, including Nexo agreeing to settle with SEC and Kraken being fined $30 million for its staking service program.

Paypal Exploring Launch of Stablecoin

During the first week of 2023, payment service giant Paypal said it was exploring the launch of a stablecoin. At the time, an executive at Paypal stated that if the company moved forward, it would work closely with financial regulators.

Paypal Puts Concept On Hold

However, on Feb. 10, a source noted that Paypal has put the concept on hold for now amid the regulatory scrutiny of the crypto industry.

Regulatory Scrutiny Of Crypto Industry