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SEC drops investigation into PayPal’s stablecoin

Coin Telegraph LogoCoin Telegraph17h ago

SEC drops investigation into PayPal’s stablecoin - Coin Telegraph

Quick Summary:

Source: CoinGeckoEarnings on PYUSD, Coinbase partnershipThat growth could be bolstered by a company announcement on April 23 introducing rewards for PYUSD in a new loyalty offering that will enable US users to earn 3.7% annually for holding the asset on the platform. Meanwhile, on April 24, PayPal announced a partnership with Coinbase to increase the adoption of PYUSD. “We are excited to drive new, exciting, and innovative use cases together with Coinbase and the entire cryptocurrency community, putting PYUSD at the center,”  said Alex Chriss, PayPal President and CEO.

In its latest filing, the firm said the SEC notified it in February that the agency “was closing this inquiry without enforcement action.”PayPal has said its stablecoin is 100% redeemable for US dollars and “fully backed” by dollar deposits, including short-term treasuries and cash equivalents. However, the stablecoin has struggled to gain momentum in a crowded market dominated by rivals Tether and Circle.

Related: PayPal to offer 3.7% yield on stablecoin balances: ReportThe payments giant also reported robust first-quarter earnings and the completion of significant share repurchase activities. The firm beat Wall Street estimates, earning $1.33 per share in the first quarter, topping analyst expectations of $1.16.

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Article Details

Author / Journalist: Cointelegraph by Martin Young

Category: Crypto

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-30 @ 06:46:52 (17 hours ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 390 words

Reading Time: 3 minutes read

Sentences: 19 lines

Sentence Length: 21 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 28294396

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About Coin Telegraph

Coin Telegraph Logo

Main Topics: Crypto

Official Website: cointelegraph.com

Update Frequency: 28 posts per day

Year Established: 2013

Headquarters: United States

News Last Updated: 8 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #11

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