PayPal Holdings Inc is pausing work on its stablecoin as regulators increase scrutiny of cryptocurrencies and a key partner on the project faces a probe by the New York State Department of Financial Services, Bloomberg News reported on Friday.
PayPal had hoped to debut the stablecoin, which will be backed one for one by the dollar, in the coming weeks, Bloomberg reported, citing a person with knowledge of the matter.
"We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators," a spokesperson for the payments firm said in an emailed statement.
The cryptocurrency market is going through a turbulent period as the collapse of some of its biggest players, including FTX, has shaken the faith of investors in what was seen as the next big thing in the world of finance.
"We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators," a spokesperson for the payments firm said in an emailed statement.
The cryptocurrency market is going through a turbulent period as the collapse of some of its biggest players, including FTX, has shaken the faith of investors in what was seen as the next big thing in the world of finance.
1721986403-0/BeFunky-collage]-(47)1721986403-0-270x192.webp "openai unveils new o3 models for diverse tasks")
1734606611-0/Express-Tribune-(8)1734606611-0-270x192.webp "sindh govt announces public holiday")
1734587529-0/Express-Tribune-(1)1734587529-0-270x192.webp "pakistan to host another icc event")
1731295009-0/Untitled-design-(38)1731295009-0-270x192.webp "white supremacist nick fuentes claims assassination attempt at home suspect killed by police")
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ