Despite revealing its 2022 fourth quarter financial figures on Thursday, PayPal appears to have chosen to cancel the launch of its stablecoin that was scheduled to be announced in the next weeks.
PayPal and stablecoin issuer Paxos Trust announced their plans to create cryptocurrency goods back in August 2022.
The New York-based Paxos has experienced issues with the New York Department of Financial Services, but has maintained a cryptocurrency deal with PayPal since 2020.
The NYDFS is reportedly looking into Paxos, albeit the scope of the investigation is not yet completely known.
The US Office of the Comptroller of the Currency has continued to focus on protecting consumers from possible risks associated with the crypto market as this has evolved.
According to reports, the OCC is in continual touch with regulated businesses to comprehend any flaws and risks that customers may experience as a result of the erratic nature of the bitcoin market.
The Pax dollar (USDP) and Binance USD (BUSD), a stablecoin provided by a white-label company using the Binance logo, are two of Paxos' stablecoins.
