Connect with us

Published

on

SEC drops investigation into PayPal’s stablecoin

PayPal says the US Securities and Exchange Commission has abandoned its investigation into the payment giant’s US-dollar stablecoin.

PayPal said in an April 29 regulatory filing that the SEC concluded its investigation into PayPal USD (PYUSD) and wouldn’t be taking any action.

The company said it received a subpoena from the SEC’s Division of Enforcement over its stablecoin in November 2023. 

“The subpoena requests the production of documents. We are cooperating with the SEC in connection with this request,” PayPal stated at the time.

In its latest filing, the firm said the SEC notified it in February that the agency “was closing this inquiry without enforcement action.”

PayPal has said its stablecoin is 100% redeemable for US dollars and “fully backed” by dollar deposits, including short-term treasuries and cash equivalents. 

However, the stablecoin has struggled to gain momentum in a crowded market dominated by rivals Tether and Circle. PYUSD has a market capitalization of just $880 million, less than 1% of Tether’s (USDT) $148.5 billion.

PayPal’s stablecoin has seen better growth this year with a 75% increase in PYUSD circulating supply since the beginning of 2025, according to CoinGecko. It remains down 14% from its peak supply of just over $1 billion in August 2024. 

SEC drops investigation into PayPal’s stablecoin
PayPal USD market capitalization. Source: CoinGecko

Earnings on PYUSD, Coinbase partnership

That growth could be bolstered by a company announcement on April 23 introducing rewards for PYUSD in a new loyalty offering that will enable US users to earn 3.7% annually for holding the asset on the platform. 

Meanwhile, on April 24, PayPal announced a partnership with Coinbase to increase the adoption of PYUSD. 

“We are excited to drive new, exciting, and innovative use cases together with Coinbase and the entire cryptocurrency community, putting PYUSD at the center,”  said Alex Chriss, PayPal President and CEO.

Related: PayPal to offer 3.7% yield on stablecoin balances: Report

The payments giant also reported robust first-quarter earnings and the completion of significant share repurchase activities. 

The firm beat Wall Street estimates, earning $1.33 per share in the first quarter, topping analyst expectations of $1.16. Revenue rose 1% from a year before to $7.8 billion. 

Magazine: Bitcoin $100K hopes on ice, SBF’s mysterious prison move: Hodler’s Digest

Continue Reading

Politics

Mass cross-party letter demands Starmer recognise Palestine as a state

Published

on

By

Mass cross-party letter demands Starmer recognise Palestine as a state

Sir Keir Starmer is under increasing pressure to recognise a Palestinian state, with MPs signing a mass cross-party letter demanding he take the step.

The letter is being organised by the Labour backbencher Sarah Champion, who also sits as the International Development Committee Chair.

Politics Live: Starmer to have ’emergency’ Gaza call with France and Germany

They write: “British recognition of Palestine would be particularly powerful given its role as the author of the Balfour Declaration and the former Mandatory Power in Palestine”.

“Since 1980 we have backed a two-state solution. Such a recognition would give that position substance as well as living up to a historic responsibility we have to the people under that Mandate.”

Please use Chrome browser for a more accessible video player

‘Many more deaths unless Israelis allow food in’

Earlier this month, nearly 60 Labour MPs called on David Lammy and the Foreign Office to immediately recognise Palestine as a state in a private letter, but this new call shows how dissatisfied many still are with the government’s refusal to change its stance on the issue.

Late last night Number 10 released a statement on Gaza calling the situation “unspeakable and indefensible,” but a growing number of Labour backbenchers fear it’s not enough.

More on Gaza

Read more:
British surgeon claims IDF shooting Gazans in specific areas
France to become first G7 nation to recognise Palestine as a state
Dozens of MPs call for UK to recognise Palestine as a state

In light of a tweet by the French President Emmanuel Macron also sent last night declaring France would recognise a Palestinian state in September at a UN conference, a number of MPs now say Number 10’s current position is untenable.

“They had said they wanted to be in lockstep with allies, but this means that position won’t hold,” said one Labour MP.

Please use Chrome browser for a more accessible video player

Emily Thornberry has told Sophy Ridge that it’s “insulting” that the Israeli government rejected a statement calling for a ceasefire.

Peter Kyle, the technology secretary, this morning defended the government’s resistance to calls for immediate UK recognition of a Palestinian state.

“We want Palestinian statehood. We desire it, and we want to make sure the circumstances can exist where that kind of long-term political solution can have the space to evolve and make sure that it can become a permanent circumstance that can bring peace to the entire region,” he told Sky News.

“But right now, today, we’ve got to focus on what will ease the suffering, and it is extreme, unwarranted suffering in Gaza that has to be the priority for us today.”

Please use Chrome browser for a more accessible video player

Aid waiting to be distributed in Gaza

An emergency call with Germany and France is scheduled for today to discuss what Sir Keir described as a “human catastrophe” which has “reached new depths”.

The Foreign Office have maintained they are committed to recognising a Palestinian state but have expressed a willingness to do so only when it will have the “most impact in support of a peace process”.

They say: “We continue to provide lifesaving aid to support Palestinians in Gaza and the West Bank, and to work closely in support of the Palestinian Authority.”

A Downing Street spokesperson also confirmed their position on Palestinian statehood remains unchanged.

Continue Reading

Politics

US crypto legislation drives $4B surge in stablecoin supply

Published

on

By

US crypto legislation drives B surge in stablecoin supply

US crypto legislation drives B surge in stablecoin supply

Regulatory clarity is opening the door for banks, asset managers, and crypto firms to roll out new stablecoin products.

Continue Reading

Politics

ETH core developer testifies in Roman Storm defense as gov’t rests case

Published

on

By

ETH core developer testifies in Roman Storm defense as gov’t rests case

ETH core developer testifies in Roman Storm defense as gov’t rests case

After about two weeks of hearing from US government witnesses, Roman Storm’s legal team called Preston Van Loon to the stand to kick off its defense case.

Continue Reading

Trending