PayPal halts stablecoin launch amid BUSD and Paxos scrutiny
Crypto firm Paxos has stopped minting BUSD amid regulatory scrutiny, prompting its partner PayPal to back out of its own stablecoin launch.
Cryptocurrency news by Protos · Protos
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Show Notes
PayPal has halted the debut of its stablecoin amid heightened regulatory scrutiny in the crypto industry and news of a probe by the New York State Department of Financial Services (NYSDF) into its key partner, Paxos.
Crypto firm Paxos was working closely with PayPal to launch a ‘PayPal Coin,’ announced last year when it was leaked by Bloomberg. The coin was intended to be backed by the US dollar. However, the incumbent launch was halted on Friday.
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