PayPal, became the first major fintech company to start using digital currencies for payments and transfers after introducing its own Stablecoin in August.

PayPal company, in its official announcement, disclosed that the United States Securities and Exchange Commission (SEC) has issued a court subpoena to the company concerning its stablecoin, PYUSD.

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The SEC, requested detailed information about PayPal’s new payment tool, while company officials clearly stated that they were open to collaboration with the regulatory body.

Some members, like the senior Democratic Representative of the House Financial Services Committee, Maxine Waters (D-Calif.), said that a Stablecoin design will allow big tech to take over this sector of the crypto industry. The emergence of PayPal provided a vivid example of this possibility.

As a result of this situation, it was assessed that the SEC maintained its strict stance against the expansion of traditional financial institutions in the field of cryptocurrency and caused a great reaction in the crypto community.

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