(AOF) – PayPal has halted work on its stablecoin, as regulators step up scrutiny of cryptocurrencies and a key project partner, Paxos Trust Co, comes under investigation by the Financial Services Department of New York State, says Bloomberg. The online payment specialist’s stablecoin was to appear in the coming weeks.
“We are exploring a stablecoin,” Amanda Miller, a PayPal spokeswoman, said in a statement emailed to the outlet. “If and when we seek to move forward, we will, of course, work closely with relevant regulators.”
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