SEC Subpoenas PayPal for Documents on Its Stablecoin PayPal USD
- PayPal received subpoena from SEC requesting documents on its stablecoin PayPal USD
- Subpoena received on November 1; PayPal cooperating with SEC request
- PayPal USD launched in August, backed by USD deposits, short-term Treasuries
- Eligible PayPal customers can use PayPal USD for payments, transfers, crypto conversions
- SEC subpoena comes amid increased regulatory scrutiny of stablecoins after FTX collapse