PayPal Puts Stablecoin Project on Hold: Bloomberg

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.”

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