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PayPal Puts Stablecoin Project on Hold: Bloomberg

On Thursday it was reported that PayPal crypto partner Paxos was being probed by the NYDFS

Updated May 9, 2023, 4:08 a.m. Published Feb 10, 2023, 8:27 p.m.

Payments giant PayPal (PYPL) is pausing work on bringing its own stablecoin to market, according to Bloomberg.

The news comes one day after PayPal's crypto partner Paxos – the issuer of stablecoins Pax dollar and Binance USD – was reported to be under investigation by the New York Department of Financial Services (NYDFS).

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"We are exploring a stablecoin,” Amanda Miller, a spokeswoman for PayPal, said in an emailed statement to Bloomberg. “If and when we seek to move forward, we will, of course, work closely with relevant regulators.”

PayPal Paxos Stablecoin

Stephen Alpher

Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.