coindesk.com
Payments giant PayPal (PYPL) is pausing work on bringing its own stablecoin to market, according to Bloomberg.
The news comes one day after PayPal's crypto partner Paxos – the issuer of stablecoins Pax Dollar and Binance USD – was reported to be under investigation by the New York Department of Financial Services (NYDFS).
"We are exploring a stablecoin,” Amanda Miller, a spokeswoman for PayPal, said in an emailed statement to Bloomberg. “If and when we seek to move forward, we will, of course, work closely with relevant regulators.”
Read more: PayPal Held $604M of Customers' Crypto as of Year-End 2022