PayPal pauses Stablecoin development amid regulatory crackdown

Fintech giant PayPal has paused the work on its upcoming stablecoin due to the current regulatory environment in the crypto industry.

The past few weeks have seen several firms in the crypto space facing enforcement actions, investigations, and probes. PayPal is reportedly wrapping its head around the changing regulatory landscape before continuing the work on its stablecoin., PayPal was hoping to unveil its stablecoin in the coming weeks. However the plan was delayed due to the current regulatory environment in the U.S. Paxos, the crypto firm that issues Binance’s BUSD stablecoin, was working with PayPal on their stablecoin.

The escalation in regulatory scrutiny of the crypto industry paired with the probe into its partner contributed to the fintech giant putting the brakes on its stablecoin venture.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

New York regulator investigating BUSD stablecoin issuer PaxosPaxos, the company responsible for issuing Binance’s BUSD stablecoin is now under investigation by the New York State Department of Financial Services.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

MakerDAO community proposes Spark Protocol, details insideSpark lend to enable the lending and borrowing of DAI. DAI has seen an increased active address in recent weeks. Dai [DAI] is among the front-runners in the stable cryptocurrency market. By market capitalization, CoinMarketCap places it as the fourth-largest stablecoin and the seventeenth-largest cryptocurrency overall. Some MakerDAO members have proposed that the stablecoin take […]
Source: CryptoAmb - 🏆 22. / 68 Read more »