Cost large PayPal has obtained a subpoena from the USA Securities and Change Fee (SEC) concerning its U.S. dollar-pegged stablecoin.

The Enforcement division of the SEC has despatched a subpoena to PayPal associated to its PayPal USD (PYUSD) stablecoin, the agency disclosed on Nov. 2, in keeping with a report by Reuters.

The motion comes about three months after PayPal launched its PYUSD stablecoin in early August. The stablecoin is issued by Paxos Belief and backed by U.S. greenback deposits, short-term Treasurys and related money equivalents. PYUSD is predicated on the Ethereum blockchain and is geared toward dealing with digital funds and Web3.

This can be a growing story, and additional data shall be added because it turns into accessible.