According to a spokesperson at Paypal, the payment company will put a hold on its stablecoin project, Bloomberg reports.
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PayPal to Pause its Stablecoin Project
PayPal is reportedly putting a hold on its stablecoin project due to increased scrutiny of cryptocurrencies by the financial watchdogs.
Also, one of the situations that prompted this move is a major partner (Paxos) in the project under regulatory scrutiny.
“We are exploring a stablecoin,” Amanda Miller, a spokeswoman for PayPal, said in a statement. “If and when we seek to move forward, we will, of course, work closely with relevant regulators.”
Stablecoins are digital currencies whose values are tied to reference assets. Stablecoins like USDC, and USDT have values which are pegged against the US dollar.
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