- 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.