PayPal Pauses Stablecoin Project
PayPal has confirmed that it is halting development of its stablecoin due to increased scrutiny of cryptocurrencies by global regulators.
Paxos Trust Co., a key partner in the PayPal stablecoin project, is also under investigation by the New York State Department of Financial Services, casting further doubt on the project.
“We are exploring a stablecoin,” a spokesperson for eBay-owned PayPal said in a statement. If and when we decide to proceed, we will, of course, collaborate closely with relevant regulators.”
(With inputs from Shikha Singh)
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