PayPal has confirmed that the US Securities and Exchange Commission (SEC) has officially ended its investigation into PayPal USD (PYUSD), the company’s dollar-backed stablecoin, without taking any enforcement action.
In a filing published on April 29, PayPal shared that the SEC told the company in February that the case was being closed.
This follows a subpoena PayPal received from the SEC’s Division of Enforcement back in November 2023, which requested documents related to the stablecoin. At the time, the company said it was cooperating with the agency.
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PYUSD was introduced in August 2023 as a stablecoin that is fully backed by short-term US Treasury bills, cash, and similar assets. It is designed to be redeemable at a 1:1 ratio with the US dollar. However, the token has faced challenges growing its presence in a market already led by competitors like Tether
$1.02
and Circle.
At the time of writing, PYUSD holds a market cap of around $880 million, which is a small share compared to Tether’s $148.5 billion. Even so, the stablecoin has seen some growth in 2025. Its circulating supply has risen by 75% since the beginning of the year.
To help attract more users, PayPal announced a new rewards feature on April 23. US-based customers can earn a 3.7% annual return for holding PYUSD in their PayPal accounts.
Meanwhile, on April 8, the DeFi Education Fund, a crypto advocacy group, sent a letter to White House crypto adviser David Sacks. What did the letter say? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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