😁 The U.S. Securities and Exchange Commission (SEC) completed its review of the PYUSD stablecoin issued by PayPal and found no violations. The company received official notification of the closure of the investigation.
Reminder:
1️⃣ In November 2023, the SEC requested documents regarding PYUSD
2️⃣ PayPal announced a partnership with the regulator
3️⃣ Currently, the capitalization of PYUSD is ~$879 million
⚖️ This is yet another case in a series of closed cases: the SEC previously closed investigations against Coinbase, Ripple, Robinhood, Uniswap, Kraken, ConsenSys, Cumberland, and others.
📈 In April, PayPal also expanded its support for cryptocurrencies:
— Solana and Chainlink added
— A loyalty program launches in the summer: 3.7% annual interest on deposits in PYUSD (through PayPal and Venmo)
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