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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. 

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Ed Davey reveals he has written to King to explain Trump state dinner boycott

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Ed Davey reveals he has written to King to explain Trump state dinner boycott

Sir Ed Davey has written to King Charles to explain why he believes he has to refuse his invite to a state banquet for Donald Trump.

The Lib Dem leader said on Wednesday he will be boycotting the dinner next month during the US president’s second state visit to the UK because of the situation in Gaza.

He told Sky News on Thursday: “I’ve written to him [the King] personally explaining my thinking.

“And it’s with deep regret that I’ve had to take the decision, but I feel with what is going on in Gaza, it’s the best way I can get my voice heard.”

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Sir Ed said the “sad truth” is Mr Trump is the “one man” who has the power to stop the “horrible famine in Gaza, could get the hostages released, could bring an end to this horrendous humanitarian crisis”.

He said the US president could do that by phoning up Israeli Prime Minister Benjamin Netanyahu and telling him to stop.

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The Lib Dem leader said Mr Trump could also call up the Qatari government and other Gulf states to get them to put pressure on Hamas to release the remaining 50 Israeli hostages (20 living, 30 dead) they took on 7 October 2023.

The King and Donald Trump during his first state visit in 2019. Pic: Reuters
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The King and Donald Trump during his first state visit in 2019. Pic: Reuters

He emphasised that he has “huge respect” for the King and it was a very difficult decision he “really wrestled with” and involved him talking to his wife and praying about it.

Sir Ed denied it was political posturing and instead is one of the only ways he could get Mr Trump to listen.

“I didn’t want him to come to the UK without being reminded, as best I can, that he has that moral responsibility, frankly,” he added.

“And from what I’m picking up from many people, there are people across the political spectrum who agree with me and the Democrats that it is Donald Trump, it is the United States who has this power over Netanyahu, over Hamas, albeit indirectly, to stop this horrendous situation.”

Publicly refusing the King’s invite is “the best way I can get my voice heard,” Sir Ed said.

Read more:
British journalists demand action from PM over war in Gaza
Has Trump ended seven wars as he claims?

King Charles will host a state dinner for Donald Trump. Pic: PA
Image:
King Charles will host a state dinner for Donald Trump. Pic: PA

Tony Blair at White House Gaza meeting

While Sir Ed is choosing to snub Mr Trump to get his voice heard, former Labour prime minister Sir Tony Blair has been asked by the US president for help on Gaza.

Sir Tony joined a White House meeting on Wednesday, chaired by Mr Trump, to discuss the war in Gaza and post-war plans for the Palestinian territory, a senior White House official confirmed.

They were joined by Mr Trump’s former Middle East envoy and son-in-law, Jared Kushner, to also discuss the hostage crisis and plans to escalate food aid deliveries.

The official described it as “simply a policy meeting”.

In July, the Financial Times reported the Tony Blair Institute had participated in a project to develop a post-war Gaza plan, with the think tank having “had many calls with different groups on post-war reconstruction of Gaza but none included the idea of forcible relocation of people from Gaza”.

Sir Ed called on Sir Tony to be quizzed in parliament about his discussions with the Trump administration.

“If he has special insight into Trump’s intentions, it’s only right that parliament and the government are made privy to this,” he said.

“We must leverage all the information and resources at our disposal to make Trump do the right thing.”

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US regulator opens pathway for Americans to trade on offshore crypto exchanges

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US regulator opens pathway for Americans to trade on offshore crypto exchanges

US regulator opens pathway for Americans to trade on offshore crypto exchanges

The change is part of the Commodity Futures Trading Commission’s “crypto sprint,” an initiative to overhaul regulations in response to proposals from the Trump administration.

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US Government taps Chainlink, Pyth to publish economic data onchain

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US Government taps Chainlink, Pyth to publish economic data onchain

US Government taps Chainlink, Pyth to publish economic data onchain

The US government announced on Tuesday that it is publishing economic data onchain to boost transparency for government spending.

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