PayPal announced that the U.S. Securities and Exchange Commission (SEC) has concluded its investigation into the company’s stablecoin, PayPal USD (PYUSD), without taking any enforcement action. The SEC had issued a subpoena in November 2023 requesting documents regarding the stablecoin. In its recent filing, PayPal noted that the SEC confirmed the closure of this inquiry in February 2025. PYUSD is marketed as a stablecoin fully backed by U.S. dollar deposits, but it has struggled to compete with major players like Tether and Circle, holding a market cap of $880 million. However, PYUSD saw a 75% increase in circulating supply in 2025. PayPal introduced a new rewards program offering 3.7% annual earnings on PYUSD and formed a partnership with Coinbase to enhance its adoption. The firm also reported a 1% revenue increase in the first quarter of 2025, earning $1.33 per share, exceeding analyst expectations.

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