PayPal pauses stablecoin work amid regulatory scrutiny of crypto
PayPal Holdings Inc. is pausing work on its stablecoin as regulators increase scrutiny of cryptocurrencies and a key partner in the project faces a probe by the New York State Department of Financial Services.
PayPal had hoped to debut the stablecoin, which will be backed one for one by the US dollar, in the coming weeks, but will delay that work as it seeks to understand the changing regulatory landscape for such digital assets.