The U.S. Securities and Exchange Commission (who are rumored to live in a tower built entirely out of paperwork) has tiptoed quietly away from their investigation into PayPal’s mystical, dollar-backed crypto biscuit: PYUSD.
Back in the grand month of August 2023, the clever chaps at PayPal decided they fancied a bite of that delicious Web3 pie, so they launched their very own stablecoin—PYUSD—presumably hoping it would be as stable as a rocking chair nailed to the floor.
PYUSD is, so they tell us, backed by a glamorous gang of US dollar deposits, short-term Treasuries, and other jolly cashish equivalents. (Picture a vault stuffed with George Washingtons and the occasional IOU from Uncle Sam.)
But just as PayPal started dreaming up Web3 kingdoms, along came the SEC in November! Armed with subpoenas and frowns, the regulators demanded a thick stack of paperwork, because nothing says ‘we mean business’ like a good, old-fashioned paper chase. PayPal, meanwhile, peered nervously at the alphabet soup of “regulatory uncertainty” swirling round their shiny new stablecoin.
Now, fast-forward nearly two years, and what’s this? PayPal pops out a politely worded Form 10-Q (imagine a formal letter to the school headmaster), announcing the SEC has packed up their magnifying glasses and gone home. Not a single slap on the wrist! Not even a warning with a wagging finger!
“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.”
And just when you thought it couldn’t get more eyebrow-raising, word on the street is PayPal may soon start showering PYUSD holders with rewards to get everyone buzzing. Who knew stablecoins could be so much fun? If only Charlie Bucket had tried his luck with digital dollars instead of chocolate bars! 🍫💸
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2025-05-01 20:04